Corporate social responsibility
This query is : Resolved
mayadhar behera
(Querist)
13 May 2016
Will CSR obligations apply if a company has been in existence for less than 3 financial years preceding the financial year ?
Example: A company incorporated on April 01, 2015. In the first year recorded profit of Rs 30 crore, which crossed the threshhold limit of applicbility of Section 135 of the Companies Act, 2013. However the company is having only one year profit and unable to work out 2% of average three years profit. Whether any obligation for CSR in the FY 2016-17 for the said company.
Example: A company incorporated on April 01, 2015. In the first year recorded profit of Rs 30 crore, which crossed the threshhold limit of applicbility of Section 135 of the Companies Act, 2013. However the company is having only one year profit and unable to work out 2% of average three years profit. Whether any obligation for CSR in the FY 2016-17 for the said company.
Jatin Bajaj
(Expert)
17 May 2016
Companies Act is Silent in this Regard. But Companies can take net profit available for less than the period of 3 years period for Computation of CSR limit
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