The scale of the impact of COVID-19 on the Indian economy has been unprecedented. Understandably so, of late, there have been several regulatory changes. Here is a quick snapshot of what is relevant to your business.
Company Affirmation of Readiness towards COVID-19)
The MCA has introduced an online form where Companies & LLPs declare their readiness to meet the threats posed by COVID-19. The due date for filing is 30 March. There is no government fees payable to file the form. OTP verification shall be required.
Funds spent to tackle COVID to count for CSR
The Government of India has declared COVID a 'notified disaster'. Funds spent on preventive healthcare and sanitation and disaster management would be within the definition of a company’s CSR obligations. Funds spent to address the challenges posed by COVID would thus fall under CSR. Qualifiying companies have to spend 2% of their average profits (3 years) on CSR activities.
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