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CSR expenditure details to be available by end of this year
Highlights
Details about social welfares pending by corporates in the current fiscal will be available towards the end of 2015 after entities make their mandatory disclosures in this regard, according to the government.
New Delhi: Details about social welfares pending by corporates in the current fiscal will be available towards the end of 2015 after entities make their mandatory disclosures in this regard, according to the government.
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Under the Companies Act, 2013, certain class of profitable entities are required to shell out at least two per cent of their three-year annual average net profit towards Corporate Social Responsibility (CSR) activities. These norms came into effect from April 1 last year. Corporate Affairs Minister Arun Jaitley on Friday informed Parliament the responsibility of monitoring the implementation of CSR policy lies with the board of concerned company.
"The current financial year is the first year of implementation of CSR by companies under the Act. "Details of expenditure incurred by companies under CSR would be available after the mandatory disclosures of CSR expenditure are filed by companies towards the end of the year 2015," he told the Lok Sabha in a written reply.
CSR norms would be applicable to companies having at least Rs 5 crore net profit, or Rs 1,000 crore turnover or Rs 500 crore net worth. Livelihood enhancement and rural development projects, working towards protection of national heritage, promotion and development of traditional arts and handicrafts, are among the activities coming under CSR ambit. The Minister also said no proposal to "include more activities or hike expenditure under CSR" is under the consideration of the Ministry.
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