Describe about CSR as per Companies Act, GST, Income tax Act

Question

Accepted Answer

CSR as per Companies Act, GST, and Income Tax Act involves mandatory spending on social initiatives by companies.

Companies Act mandates certain companies to spend a portion of their profits on Corporate Social Responsibility (CSR) activities.
GST does not have specific provisions related to CSR.
Income Tax Act allows companies to claim tax benefits for the amount spent on CSR activities.
CSR activities can include initiatives related to education, healthcare, environment, and poverty alleviation.
Non-compliance with CSR regulations can result in penalties or legal action.

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