Virendra Singh Rawat
Lucknow / Aug 13, 2019
A high level committee instituted by the Centre has suggested making Corporate Social Responsibility (CSR) spend tax deductible.
Union corporate affairs secretary Injeti Srinivas today presented the Committee’s report to union finance and corporate affairs minister Nirmala Sitharaman in New Delhi.
The Committee made other far reaching recommendations, including provision for carry forward of unspent balance for 3-5 years, introducing impact assessment studies for CSR obligation of Rs 5 crore or more etc.
The Committee emphasised on not treating CSR as a means of resource gap funding for government schemes. It also recommended that violation of CSR compliance may be made a civil offence and shifted to the penalty regime.
The Committee on CSR was constituted in October 2018 to review existing CSR framework and make recommendations on strengthening CSR ecosystem, including monitoring implementation and evaluation of outcomes.