Aurangabad, Aug 6: Marathwada Accelerator for Growth and Incubation Council (MAGIC) has been declared eligible for obtaining Corporate Social Responsibility (CSR) funds from the industries.
It is mandatory for the companies earning Rs 5 crore profit in a year, or having turnover of Rs 1000 crore or with valuation of Rs 500 crore to spend two percent of their profit on CSR activities. Business incubators which help startups are also eligible for this fund if they complete all legal formalities.
MAGIC, Aurangabad is registered as a Not for Profit Company under section 8. As per norms, it has obtained 80 G 12A certificate from the income tax department, CSR 1 certificate as per the Company’s Act and can now receive CSR funds.
The business incubator received its first CSR fund from the Umasons Auto Compo Pvt Ltd. Umason’s Ram Bhogale and MAGIC directors Ritesh Mishra, Prasad Kokil, Mukund Bhogale, Kedar Deshpande, Suresh Todkar and Rohit Auti were present.