Question
As per the provisions for CSR given under Companies Act
2013, how much has to be spent on CSR by eligible entities? Refer to the following information to answer the next 4 questions (Q 11 to Q 14) The Companies Act 2013 had introduced several new provisions which changed the face of Indian corporate business. One of such new provisions was the Corporate Social Responsibility (CSR). The concept of CSR rests on the ideology of give and take. Companies take resources in the form of raw materials, human resources etc. from the society. By performing the task of CSR activities, the companies are giving something back to the society. CSR is the integration of socially beneficial programs and practices into a corporation's business model and culture. India is one of the first countries in the world to make CSR mandatory for companies following an amendment to the Companies Act, 2013 in 2014. Under the Companies Act, businesses can invest their profits in areas such as promoting rural development in terms of healthcare, sanitation, education including skill development, environmental sustainability, etc.Solution
As per the provisions of this section, a Company having: · Net worth of Rs.500 crore or more, or · Turnover of Rs.1000 crore or more or · net profit of Rs.5 crore or more in previous financial year, should: · Constitute a CSR Committee (consisting of 3 or more directors of which at least 1 is independent director) and spend at least 2% of the average net profits of three immediately preceding years on CSR activities (companies which spend any amount in excess of their CSR obligation in a financial year can set off the excess amount towards their CSR obligations in subsequent financial years).
What did Amit Shah unveil at the State Assembly premises in Bengaluru, Karnataka Recently?
_________and Microsoft, has expanded their strategic partnership to help enterprises leverage generative artificial intelligence (AI) and develop joint ...
NABARD's Rural Financial Inclusion Survey reported an increase in savings across households. What percentage of agricultural households reported having ...
How much Viability Gap Funding (VGF) will the Centre contribute to the Vizhinjam Seaport project?
The Ministry of Skill Development launched the Skill India Digital (SID) platform that aims to skill nearly 260 million students in school and higher ed...
Italy recently reported its first-ever case of Oropouche fever. This fever is most commonly transmitted through the bite of which insect?
Who among the following is not a new member of the PMML society?
What has become the top risk on the radar for Indian organizations, according to PwC's 2023 Global Risk Survey?
Consider the following about Pradhan Mantri MUDRA Yojana (PMMY):
I. It is a scheme launched in 2014 for providing loans.
II. It providing ...
What is the renewable energy capacity target that India aims to achieve by 2030?