TMI BlogIT Assesment of CSR SpendingX X X X Extracts X X X X X X X X Extracts X X X X ..... IT Assesment of CSR Spending - News and Press Release Dated:- 10-5-2016 - News - Section 135 (1) of the Companies Act, 2013 mandates every company with a turnover of ₹ 1000 crores or more; ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or a networth of ₹ 500 crores or more; or a net profit of ₹ 5 crore or more to spend at least two per cent of their average net profits earned during three immediately preceding financial ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... years on CSR activities. No such issue has come to the notice of this Ministry where profit making companies are not spending under CSR head because the assessing officer of Income Tax (IT) render ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s the expenses incurred under CSR invalid. The Finance Act, 2014 clarifies that expenditure on CSR does not form part of business expenditure. While no specific tax exemption has been extended to ex ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... penditure incurred on CSR, spending on several activities like rural development projects, skill development projects, notified agricultural extension projects and contribution to Prime Minister Natio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nal Relief Fund etc., which find place in Schedule VII, already enjoy exemptions under different sections of the Income Tax Act, 1961, subject to fulfilment of specified conditions. This was stat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed by Shri Arun Jaitley, Minister of Corporate Affairs in written reply to a question in the Rajya Sabha today. - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagemen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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