What is a csr please give me details...?

Dear Dhanaji,

CSR stands for corporate social responsibilities. As per section 135 of Companies Act 2013 CSR means projects or programs relating to activities specified in Schedule VII to the Act. There is no exhaustive list of activities , some of them are Eradicating hunger, Promoting education, Promoting gender equality, Ensuring environmental sustainability, Protection of national heritage, Measures for the benefits of armed forces veterans, war widows, Training to promote rural sports, Contribution to the Prime Minister’s National Relief funds, Rural development projects etc. The company shall give the preference to the Local area and areas around it where it operates.

CSR Norms:

Applicability: Every company having

a). Net worth >= 500 crores

b). Turnover >= 1000 crores

c). Net Profit >= 5 crore

A CSR committee needs to be formed with 3 or more directors with at least 1 independent director which shall formulate CSR Policy, recommend amount of Expenditure and monitor the same.

Responsibilities of Board of Directors in respect of CSR:

• Disclose CSR policy on Company’s website
• Spend at least 2% of the average net profit of the company during the 3 immediately preceding financial years.
• Mention the reason in the Board report if not spent the above mentioned money

For further more detail please refer section 135 of Companies act 2013.

Regards

Shreesh Kumar