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(The Gist of PIB) High Level Committee on CSR recommends CSR expenditure to be made tax deductible expenditure [AUGUST-2019]
(The Gist of PIB) High Level Committee on CSR recommends CSR expenditure to be made tax deductible expenditure [AUGUST-2019]
High Level Committee on CSR recommends CSR expenditure to be made tax deductible expenditure
- Injeti Srinivas, Secretary (Corporate Affairs), presented the Report of the High Level Committee on Corporate social responsibility (CSR) to the Union Minister of Corporate Affairs, Nirmala Sitharaman.
About:
- The High Level Committee on CSR was constituted in October, 2018 under the Chairmanship of Injeti Srinivas, Secretary (Corporate Affairs).
- To review the existing CSR framework and make recommendations on strengthening the CSR ecosystem, including monitoring implementation and evaluation of outcomes.
Recommendations of the Committee:
- Making CSR expenditure tax deductible,
- Provision for carry forward of unspent balance for a period of 3 – 5 years,
- Aligning Schedule 7 with the SDGs by adopting a SDG plus framework (which would additionally include sports promotion, Senior Citizens’ welfare, welfare of differently abled persons, disaster management and heritage protection),
- Balancing local area preferences with national priorities,
- Introducing impact assessment studies for CSR obligation of 5 crore or more,
- Registration of implementation agencies on MCA portal,
- Developing a CSR exchange portal to connect contributors, beneficiaries and agencies,
- Allowing CSR in social benefit bonds,
- Promoting social impact companies and third party assessment of major CSR projects,
- Companies having CSR prescribed amount below Rs. 50 lakh may be exempted from constituting a CSR Committee and.
- Violation of CSR compliance may be made a civil offence and shifted to the penalty regime.
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Courtesy: PIB