Centre may allow companies a bigger CSR canvas to paint on

The Economic Times

Individual: Sahu Jain Family

Centre may allow companies a bigger CSR canvas to paint on

Section 135 of Companies Act requires firms of a certain size to spend every year at least 2% of average net profits of previous three financial years on stipulated CSR activities. Failure to do so will make a company liable to pay a penalty twice the unspent amount, or ₹1 crore, whichever is less. Even every officer of a company who is in default is also liable to a maximum penalty of ₹2 lakh.