News & Updates|| New enhancements in E-Way bill generation form to be rolled-out from October 1, 2018|| CBIC issues guidelines for deduction and deposit of TDS by DDO under GST
Corporate Social Responsibility (CSR) 2018-09-17T09:25:50+00:00

Corporate Social Responsibility (CSR)

  • Environmental efforts
  • Philanthropy
  • Ethical labor practices
  • Volunteering

Contact Us

Meaning of CSR

Corporate Social Responsibility (CSR) is a concept that suggests that it is the responsibility of the organisations operating within society to contribute towards economic, social and environmental development that creates positive impact on society at large.

Corporate social responsibility (CSR) is a business approach that contributes to sustainable development by delivering economic, social and environmental benefits for all stakeholders. Undertaking socially responsible initiatives is truly a win-win situation.

Need of CSR

Consumers increasingly don’t accept unethical business practices or organisations who act irresponsibly. Advancement in social media mean that negative or destructive practices quickly fuel conversations online. Organisations are accountable for their actions like never before.

Applicability of CSR

Corporate Social Responsibility is required for all companies viz. private limited company, limited company. The following companies are necessary to constitute a CSR committee:

  • Companies with a net worth of Rs. 500 crores or greater, or
  • Companies with a turnover of Rs. 1000 crores or greater, or
  • Companies with a net profit of Rs. 5 crores or greater.

If any of the above financial strength criteria are met, the Corporate Social Responsibility (CSR) provisions and related rules will be applicable to the company. These companies are required to form a CSR committee consisting of its directors. This committee oversees the entire CSR activities of the Company.

Benefits of CSR

CSR should not be viewed as a drain of resources, because effective implementation of CSR policies can help the organisation:

  • Win new Business
  • Increase Customer relations
  • Develop and enhance relationships with customers, suppliers and networks
  • Differentiate yourself from your competitors
  • Improve your business reputation and standing
  • Generate positive publicity and media opportunities due to media interest in ethical business activities

Ways to practice CSR

  • Environmental efforts : One primary focus of corporate social responsibility is the environment. Businesses regardless of size have a large carbon footprint. Any steps they can take to reduce those footprints are considered both good for the company and society as a whole.

  • Philanthropy : Businesses can also practice social responsibility by donating money, products or services to social causes. Larger companies tend to have a lot of resources that can benefit charities and local community programs.

  • Ethical labour practices : By treating employees fairly and ethically, companies can also demonstrate their corporate social responsibility.
  • Volunteering : Attending volunteer events says a lot about a company’s sincerity. By doing good deeds without expecting anything in return, companies are able to express their concern for specific issues and support for certain organizations.
  • Improve your business reputation and standing