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(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.

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.

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.