Company law
This query is : Resolved
pradipta roy
(Querist)
20 September 2014
What is the amount to be spent on CSR activity if it has incurred net loss ,even its net worth etc exceed the prescribed amounts ?
CS Mitesh Mehta
(Expert)
20 September 2014
For the purpose of First CSR reporting the Net Profit shall mean average of the annual net profit of the preceding three financial years.
1. Net Profit/(Loss if any) before tax as per books of FY 2013-14
2. Net Profit before tax as per books of FY 2012-13
3. Net Profit before tax as per books of FY 2011-12
Total of above three, divided by 3 will gives you Average of annual net profit of the preceding three financial years
CSR expenditure for the FY 2014-15 will be 2 % of the average annual net profit as calculated above.
1. Net Profit/(Loss if any) before tax as per books of FY 2013-14
2. Net Profit before tax as per books of FY 2012-13
3. Net Profit before tax as per books of FY 2011-12
Total of above three, divided by 3 will gives you Average of annual net profit of the preceding three financial years
CSR expenditure for the FY 2014-15 will be 2 % of the average annual net profit as calculated above.
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