As contribution of 2% of average profit of last three years for CSR is applicable from the financial year and CSR committee is required to be formed containing atleast three or more directors and one director will be Nominee director. But Company Act silent on timelines of formation of such committee. Please clarify me what is the timeline by which such committee should be formed i.e upto July ,2014 or Upto Dec,14 or anytime before March, 15.
Here average profit measns Profit before tax or profit after tax. Please clarify the things.
CAclubindia
