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TMI BlogCSR CONTRIBUTION BY COMPANIES DURING 2023X X X X Extracts X X X X X X X X Extracts X X X X ..... CSR CONTRIBUTION BY COMPANIES DURING 2023 - By: - Mr. M. GOVINDARAJAN - Corporate Laws / IBC / SEBI - Dated:- 16-8-2024 - Corporate Social responsibility The main object of the business to increase wealth. In addition to this object the Central Government made it mandatory to incur expenditure towards for the benefit of society in the sectors like education, health etc. Section 135 of the Companies Act, 2013 provides for- the eligibility of the company that can contribute towards the corporate social responsibility; composition of Corporate Social Responsibility Committee; roles and functions of the Corporate Social Responsibility Committee; company to approve the corporate social responsibility policy of the Committee; percentage of profi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t to be spent towards corporate social responsibility; reasons for not spending any amount of Corporate social responsibility; set off the excess payments made in the subsequent years; unspent money to be transferred to Unspent Corporate Social Responsibility Account. CSR activities Schedule VII to the Companies Act, 2013 provides the list of activities that can be considered as CSR of the company. They are- eradicating hunger, poverty and malnutrition, promoting preventive health care and sanitation including contribution to the Swach Bharat Kosh set-up by the Central Government for the promotion of sanitation and making available safe drinking water; promoting education, including special education and employment enhancing vocation skills ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... especially among children, women, elderly, and the differently abled and livelihood enhancement projects; promoting gender equality, empowering women, setting up homes and hostels for women and orphans; setting up old age homes, day care centres and such other facilities for senior citizens and measures for reducing inequalities faced by socially and economically backward groups; ensuring environmental sustainability, ecological balance, protection of flora and fauna, animal welfare, agroforestry, conservation of natural resources and maintaining quality of soil, air and water including contribution to the Clean Ganga Fund set-up by the Central Government for rejuvenation of river Ganga; protection of national heritage, art and culture inc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... luding restoration of buildings and sites of historical importance and works of art; setting up public libraries; promotion and development of traditional arts and handicrafts; measures for the benefit of armed forces veterans, war widows and their dependents Central Armed Police Forces and Central Para Military Forces veterans, and their dependents including widows; training to promote rural sports, nationally recognized sports, paralympic sports and Olympic sports; contribution to the Prime Minister's National Relief Fund or Prime Minister s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund)or any other-fund set up by the Central Government for socio-economic development and relief and welfare of the Scheduled ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Castes, the Scheduled Tribes, other backward classes, minorities and women; Contribution to incubators or research and development projects in the field of science, technology, engineering and medicine, funded by the Central Government or State Government or Public Sector Undertaking or any agency of the Central Government or State Government; and Contributions to public funded Universities; Indian Institute of Technology (IITs); National Laboratories and autonomous bodies established under Department of Atomic Energy (DAE); Department of Biotechnology (DBT); Department of Science and Technology (DST); Department of Pharmaceuticals; Ministry of Ayurveda, Yoga and Naturopathy, Unani, Siddha and Homoeopathy (AYUSH); Ministry of Electronics an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d Information Technology and other bodies, namely Defense Research and Development Organization (DRDO); Indian Council of Agricultural Research (ICAR); Indian Council of Medical Research (ICMR) and Council of Scientific and Industrial Research (CSIR), engaged in conducting research in science, technology, engineering and medicine aimed at promoting Sustainable Development Goals (SDGs) rural development projects slum area development. disaster management, including relief, rehabilitation and reconstruction activities Contributions to CSR Many companies comply with the provisions of section 135 and the rules made there under. Contributions are made for various sectors for their development. The rate of contribution is increasing year by year. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... In this article we are going to see the contributions made by companies for the financial years 2019 to 2023 and their contribution to education sector, health sector, rural development, environment sustainability and livelihood enhancement and also the contribution of top companies spent towards CSR for the year 2023. CSR on education (in crores) Financial Year Contribution 2019 6111.7 2020 7179.5 2021 6693.3 2022 6557.1 2023 10085.4 Source: Business Standard 09.09.2024 CSR on Health care sector (in crores) Financial Year Contribution 2019 3617.2 2020 4905.7 2021 7325.8 2022 7806.3 2023 6830.4 Source: Business Standard 09.09.2024 CSR on Rural Development (in crores) Financial year Contribution 2019 2434.2 2020 2301.0 2021 1850.7 2022 1832 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .8 2023 2005.4 Source: Business Standard 09.09.2024 CSR on Environmental sustainability (in crores) Financial Year Contribution 2019 1368.3 2020 1470.5 2021 1030.2 2022 2432.3 2023 1960.0 Source: Business Standard 09.09.2024 CSR on Livelihood enhancement (in crores) Financial year Contribution 2019 908.0 2020 1077.7 2021 938.9 2022 854.5 2023 1654.4 Source: Business Standard 09.09.2024 The education sector continues to get the highest amount of contribution from the companies towards CSR. This also happened in the year 2023 also. This accounts 33% of the CSR amount spent towards CSR in the year 2023. Among the companies the list of top 5 companies which contributed more to CSR in the year 2023 CSR spending top companies (in crores) Name of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the company Contribution HDFC 803.15 TCS 774.44 RIL 743.40 ICICI BANK 476.5 TATA Steel 475.1- Source: Business Standard 09.09.2024. It is reported that the CSR expenditure in the year 2023 is increased from Rs.26579.98 crore in 2022 to Rs.29,986.92 crore in 2023. Likewise, the number of projects has also been in the increase. The said expenditure is increased to 51966 in 2023 from 44,425 in the year 2022. - Scholarly articles for knowledge sharing authors experts professionals Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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