Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: VAT Audit :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: cpt :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4% :: VAT RATES :: empanelment :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment :: articles on VAT and GST in India :: TDS
 
 
News Headlines »
 GST Council fails to break deadlock over indirect tax regime, next meet on Dec 11 and 12 to hammer out differences
 Invoking Writ Jurisdiction For Income Tax Matters
 How to file income-tax returns online
 How Income Tax Returns Are Scrutinised
 All About New Income Disclosure Scheme to make Demonetisation successful
 Your deposit may draw income tax notice
 Accepting payment under IDS 2016
 New disclosure scheme could see 50% tax and 4-year limit on cash use for unaccounted deposits
 Pay 50% tax on unaccounted deposits, or 85% if caught, says Modi government
 Deadline to pay property tax in old currency extended
 Cabinet clears amendments to Income Tax Act

ICAI committee to help corporates identify CSR projects
March, 08th 2011

Accounting regulator ICAI has formed an advisory committee of chartered accountants to help corporates identify social sector projects on which they would be required to spend two% of their net profit.

The Public Advisory Committee, of the Institute of Chartered Accountants of India (ICAI), has been set up with the view to protect public interest, said the newly-appointed ICAI President G Ramaswamy.

"We have formed a Public Advisory Committee with the view to help public interest.. Even for the CSR... A good viable project will be identified by ICAI and we will play the role of an advisory between the corporates and the public," he told PTI.

He said that it would advice companies to take up corporate social responsibility (CSR) projects specific to the industry they belongs to.

"For example, companies in the chemical industry could take up CSR projects related to environment protection. That way it will provide a balance," he said.

The Companies Bill, 2009, has proposed that companies should earmark two% of the average profit of the preceding three years for CSR activities, and make a disclosure to shareholders about the policy adopted in the process.

Industry has been of the view that they should be allowed to monitor implementation of CSR themselves without the government intervention, which the government has accepted.

The suggestion for earmarking a part of a companys profit for CSR was floated by the Parliamentary Standing Committee on Finance, which scrutinised the Companies Bill, 2009.

Subsequently, the MCA proposed that "every company having (net worth of Rs 500 crore or more, or turnover of Rs 1,000 crore or more) or (a net profit of Rs 5 crore or more during a year) shall be required to formulate a CSR Policy ... As may be approved and specified by the company."

While PSUs whose net profit is less than Rs 100 crore have to contribute 3-5% of their bottomline for CSR, PSUs with profits between Rs 100-500 crore will earmark 2-3%.

In case of public sector companies earning a profit of Rs 500 crore and above, CSR spending should be between 0.5 to 2% of the net profit.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Publishing Management System PMS News Management System Publishing Management System Development Online News Management System for media company custom Publishing management system development Survey management system Market Res

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions