For instance, writing a cheque towards the PM’s National Relief Fund (PMNRF) would entitle the donor company to a deduction, from taxable profits, of the entire donation amount. On the other hand, if a company has constructed a school building in a village, no tax benefit may be available — at least not without a drawn out litigation. The bill calls for companies having a net worth of Rs 500 crore or more, or a turnover of Rs 1,000 crore or more, or a net profit of Rs 5 crore or more to have a CSR spend of at least 2% of average net profits of past three years. The bill stops short of making CSR spend mandatory.
Posted on: Tue, 13 Aug 2013 03:20:52 +0000
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