Question
Consider the following statements with regard to the
CSR committee: i.        CSR is covered under Section 145 of the Companies Act 2013. ii.      Every company having net worth of rupees five hundred crore or more, or turnover of rupees one thousand crore or more or a net profit of rupees five crore or more during any financial year shall constitute a Corporate Social Responsibility Committee. iii.     The Board of every company referred to (ii) shall ensure that the company spends, in every financial year, at least two per cent. of the average net profits of the company made during the five immediately preceding financial years iv.    The CSR committee shall formulate and recommend to the Board, a Corporate Social Responsibility Policy Which of the above statements are true?Solution
CSR is mentioned in Section 135 of the CA 2013. The average net profit of preceding THREE years is used to calculate the CSR spend.
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