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#Budget2013: Funds For Technology Incubators In Academic Institutions Get CSR Status; Startup Tax

In his budget speech earlier in the day, the Finance Minister P.Chidambaram announced that the funds provided to Technology Business Incubators (TBI) based within academic institutions and approved by the Ministry of Science and Technology or the Ministry of Micro, Small and Medium Enterprises, will qualify as CSR (Corporate Social Responsibility) expenditure. This proposal follows amendments to the Companies Bill (pdf) in December 2012, which mandates corporate companies to spend 2% of its net profits as CSR. Therefore, this proposal will allow companies to invest up to 2% of its net profits in startups incubated in technology business incubators and account for it as CSR expenditure. As of now, there are around 27 technology business incubators located inside academic institutions like National Institute of Design (NID), Indian Institutes of Technology (IIT), National Institutes of Technology (NIT), Indian Institutes of Management (IIM), Engineering colleges and other technical…

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