Corporate Social Responsibility undertaken by Oil PSUs

News:Union Minister for Petroleum and Natural Gas has informed Lok Sabha about the initiatives undertaken by Oil PSUs as part of their Corporate Social Responsibility(CSR). Facts: About Corporate Social Responsibility(CSR): Corporate social responsibility(CSR) was initiated through the Companies Act, 2013. The act mandates companies and government organisations with (a)turnover of Rs1,000 crore or more(b)net worth… Continue reading Corporate Social Responsibility undertaken by Oil PSUs

Corporate social responsibility(CSR)

News:Government has decided to expand the scope of corporate spend under Corporate Social Responsibility(CSR) norms. Facts: About CSR: Corporate social responsibility (CSR) was initiated through the Companies Act, 2013. The act mandated companies and government organisations with (a)turnover of Rs1,000 crore or more(b)net worth exceeding Rs 500crore or (c)having more than Rs 5 crore in… Continue reading Corporate social responsibility(CSR)

CSR expenditure may be made tax deductible, says committee

Government had formed a High Level Committee on Corporate social responsibility(CSR) under the Chairmanship of Corporate Affairs Secretary Injeti Srinivas. The committee was formed to review the existing CSR framework and make recommendations on strengthening the CSR ecosystem including monitoring implementation and evaluation of outcomes. The committee has recommended that CSR expenditure should be eligible… Continue reading CSR expenditure may be made tax deductible, says committee

Finance minister to review jail term clause for non-compliance of CSR

Finance Minister has assured the industry that the government would review the criminal penal provisions on corporate social responsibility (CSR). The amendments to the Companies Act have empowered the government to put the concerned officers in jail for up to three years, besides imposing monetary fines if they do not adhere to CSR norms. The… Continue reading Finance minister to review jail term clause for non-compliance of CSR