Corporate social responsibility
VIPUL KUMAR SHARMA
(Querist) 26 March 2014
This query is : Resolved
From which year we should calculate our company's Net Profit to see that whether we constitute Corporate Social Responsibility committee or not in our company.
R.V.RAO
(Expert) 27 March 2014
Adherence to the.. CSR requirements(sec 135 of new cos act 2013) will commence April 1, 2014 and the first annual reports disclosing companies’ policies and spending will follow in April 2015.
csr- the first of its kind, requires both public and private companies in India which have either
net worth of Rs. 5 billion or more
turnover of Rs. 10 billion or more), or
net profit of Rs. 50 million or more
within any of the previous three financial years, to contribute 2% of their average net profits from the three preceding financial years to Corporate Social Responsibility initiatives, or specify their reasons for not spending that amount in their Board of Director’s annual reports.
source:http://www.lexology.com/library/detail.aspx?g
so the first fin. year being 31/3/15 ,the 3 year calculations begins from F.Y 31/3/13.
CONSTITUTE CSR COMMITTEE WEF 1/4/14.
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