Save BIG on 2-Yr Ad-Free CAclubindia Pro Membership. Subscribe Now!

CSR LIABITY AND ITS Applicability

Save Share

This query is : Resolved

satyanarayana kothuri (Querist)
Follow

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.

Aashok Kumar Sharma online

Aashok Kumar Sharma

(Expert)
Follow

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.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now