25 April 2022
As per last audited financial , my company have earned a profit above 5 crore. In these case, is that we have responsible for CSR? Please let me know that how can we implement project under CSR. Is there any guidelines for implementing projects?
26 April 2022
Yes, you are responsible. The rules in Section 135 of India's Companies Act make it mandatory for companies of a certain turnover and profitability to spend 2% of their average net profit for the past three years on CSR.
See the link. https://csrcfe.org/about-csr-in-india-public-policy/#:~:text=In%20the%20early%2090's%20Mahatma,the%20Companies%20Act%20of%201956.
26 April 2022
No outside approval is required. The Board of the Company shall after taking in to account the recommendations made by the CSR Committee, approve the CSR policy for the Company and disclose contents of such policy in its report and also place it on the Company's website.
26 April 2022
No outside approval is required for investing in the projects for CSR. Ensure that the investments made by you are eligible for CSR as mentioned in Schedule VII of the Companies Act, 2013 The Boards Report of the company shall disclose the CSR policy and spending.
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