CSR LIABITY AND ITS Applicability
This query is : Resolved
06 March 2024
As our company made loss in financial year 2022-23 Rs. 2.29 crores but in financial years 2020-21 and 2021-22, company made a net profit of Rs. 7.90 crores and Rs. 9.73 crores respectively. During the previous financial year, we contributed for csr activities. Now in the current financial year, do we need to incur any amount under csr activities as per present companies act as we made average profit of more than rs. 5 crores in three previous financial years and also two times out of the last three previous financial years. pl clarify me.
07 July 2024
The Companies Act, 2013 requires companies with an average net profit of at least Rs. 5 crore in the last three financial years to spend on CSR activities, with the current financial year requiring the company to allocate funds accordingly.
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