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Discuss the guidelines enumerated by the Companies Act 2013 for Corporate Social Responsibility.
Corporate social responsibility refers to role companies can play in meeting the agenda of social development and entails a balanced approach to economic progress, social progress and environment protection.
In India clause of CSR is governed by clause 135 of companies act 2013.
The CSR act applies to the companies with a turnover of more than 1000 crore or net worth of 500 cr or net profit of 5 crores or more.
• The new rules, which are applicable from the fiscal year 2014-15 onwards,
Also require companies to set up a CSR committee consisting of their board
• Members, including at least one independent director.
• The act encourages companies to spend at 2% of their average net profit in
• The previous three years on CSR activities.
• The indicative activities, which can be undertaken by a company under
CSR have been specified under schedule vii of the act.
• Only CSR activities undertaken in India will be taken into consideration. Activities meant exclusively for employees and their families will not qualify under CSR.
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