On Monday the Ministry of Corporate Affairs (MCA) amended the Schedule VII of Companies Act, 2013 which included that more entities engaged in research and development to whom contribution will be treated as Contribution for Corporate Social Responsibility (CSR) Activities according to Section 135 of Companies Act, 2013.
In the Schedule (VII) for the item (ix) should be substituted with this entry, “Contribution to incubators or research and development projects in the field of science, technology, engineering and medicine, funded by the Central Government or State Government or Public Sector Undertaking or any agency of the Central Government or State Government.”
Also, these entries shall get substituted, “Contributions to public-funded Universities, Indian Institute of Technology (IITs), National Laboratories and autonomous bodies established under Department of Atomic Energy (DAE), Department of Biotechnology (DBT); Department of Science and Technology (DST), Department of Pharmaceuticals, Ministry of Ayurveda, Yoga and Naturopathy, Unani, Siddha and Homoeopathy (AYUSH), Ministry of Electronics and Information Technology and other bodies, namely Defense Research and Development Organisation (DRDO), Indian Council of Agricultural Research (ICAR), Indian Council of Medical Research (ICMR) and Council of Scientific and Industrial Research (CSIR), engaged in conducting research in science, technology, engineering and medicine aimed at promoting Sustainable Development Goals (SDGs).”
The above notification came into force on 24th August 2020.
With Warm Regards,