Friends,
A Company's net profits are as under:
2013-14 - 2.5 crores
2012-13 - 2.01 crores
2011-12 - 10 crores
Turnover and Net Worth are less than the prescribed limits.
Is the Company required to spend on CSR activities in 2014-15?
Kindly clarify.
1 Replies
Radhika
(Company Secretary)
(303 Points)
Replied 23 March 2015
Friends,
As clairified through MCA General Circular No. 21/2014 dated 18th June, 2014, “Any financial year” referred under Sub-Section (1) of Section 135 of the Act read with Rule 3(2) of Companies CSR Rule, 2014, implies ‘any of the three preceding financial years’.
Hence the Company as referred to above is required to spend 2% of its 3 years average net profits for CSR.
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