CSR(Company social responsibility) expenses Deduction allowed or not?If allowed how much limit?
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Quick Summary
This discussion clarifies whether Corporate Social Responsibility (CSR) expenses are eligible for tax deduction under Section 37 of the Income Tax Act, 1961. While generally not allowed as a deduction from profits, the conversation points to relevant case laws and other sections (30-44DB) for potentially deductible expenses. It also briefly touches upon Alternative Minimum Tax (AMT) and the valuation of raw material inventory at replacement cost.
As per section 37 of the Income tax act 1961 , CSR expenditure are not allowed as deduction from profit , however you Can go through certain Case laws.