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No CSR benefit for contribution to CM cares fund – MCA

ADMIN by ADMIN
April 12, 2020
in Business & Other News
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MCA extends due date for uploading Annual return and Financial statement
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Amid this lockdown every one is doing their bit by contributing to the PM cares fund and helping the government in this situation. Amid this it was also clarified by MCA that any contribution by companies to such fund can be included in balance sheet as CSR contribution.

However there was confusion as to whether contribution to CM cares fund of each state can be considered for CSR. Regarding this MCA has released its FAQ relating to Covid-19 where they have dealt with all such issues.

In this FAQ, at question no. 2 they have clarified that any contribution to CM relief fund won’t qualify for CSR expenditure as same is not included in Schedule VII.

There are few other questions answered in such FAQ which includes:

Q. Whether spending of CSR funds for COVID-19 related activities shall qualify as CSR expenditure?

A. Ministry vide general circular No. 10/2020 dated 23rd March, 2020 has clarified that spending CSR funds for COVID-19 related activities shall qualify as CSR expenditure. It is further clarified that funds may be spent for various activities related to COVID-19 under items nos. (i) and (xii) of Schedule VII relating to promotion of health care including preventive health care and sanitation, and disaster management. Further, as per general circular No. 21/2014 dated 18.06.2014, items in Schedule VII are broad based and may be interpreted liberally for this purpose.

Q. Whether payment of exgratia to temporary /casual /daily wage workers shall qualify as CSR expenditure?

A. If any ex-gratia payment is made to temporary /casual workers/ daily wage workers over and above the disbursement of wages, specifically for the purpose of fighting COVID 19, the same shall be admissible towards CSR expenditure as a onetime exception provided there is an explicit declaration to that effect by the Board of the company, which is duly certified by the statutory auditor.

You can read the full FAQ here.

 

This article is just for information purpose it is always advisable to hire a professional for practical execution. If you need assistance you can ask a question to our expert and get the answer within an hour or post a comment about your views on the post and also subscribe to our newsletter for latest weekly updates.

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