Csr Activities

NCL spends over Rs 1,000 crore in last 10 years under CSR initiatives

Northern Coalfields Ltd on Sunday said it has spent over Rs 1,000 crore in the last 10 years under various corporate social responsibility (CSR) initiatives. The CSR target of Singrauli-based Northern Coalfields Ltd (NCL) is Rs 172.97 crore for the ongoing financial year. "NCL touched the lives of around 10 lakh people and spent more than Rs 1,000 crore on various CSR initiatives in the previous 10 years," it said in a statement. The company's CSR expenditure in the previous fiscal year was Rs 157 crore. Under the guidance of the coal ministry, NCL rolled out 'CHARAK- Community Health: A Responsive Action for Koylanchal', a health-centric CSR initiative on Sunday, as per the statement. The project is aimed at providing free treatment for patients -- belonging to economically weaker sections -- who are suffering from life-threatening diseases. Residents of Singrauli and Sonbhadra districts having annual family income below Rs 8 lakh from all sources will be eligible to receive ben

Coal India's CSR spend exceeds Rs 5,570 crore over the past decade

Coal India Ltd (CIL) has spent Rs 5,570 crore in Corporate Social Responsibility (CSR) initiatives over the past decade, a top official said on Sunday. Coal India Chairman P M Prasad said the PSU has been focusing on education, healthcare, skill development, sports, and women empowerment. Inaugurating the 3rd CIL CSR Conclave 2024 on Sunday, West Bengal Governor C V Ananda Bose underscored the transformative power of CSR initiatives in improving the lives of communities, particularly in tribal belts of coal-bearing areas. He lauded CIL's contributions, including its efforts to support cancer patients, stating that such initiatives contribute to the holistic development of the nation. CSR initiatives are a powerful tool to transform lives, especially in vulnerable regions, Bose said. "Coal India spent Rs 5,570 crore in Corporate Social Responsibility initiatives over the past 10 years," Prasad said. Coal Secretary Vikram Dev Dutt commended coal companies for their impactful CSR .

Unspent CSR funds hit five-year high of Rs 1,475 crore in FY23, shows data

This data covers all companies listed on the NSE and those exclusively listed on BSE with a market capitalisation exceeding Rs 1,000 crore

Aim for carbon neutrality in scope 1, 2 emissions by FY32: ICICI Bank

In its ESG report 2023-24, ICICI Bank says it has allocated Rs 5.19 billion for corporate social responsibility (CSR) activities in financial year 2024, up from Rs 4.63 billion the previous year

Tax tribunal rulings open doors to more firms claiming CSR deductions

Orders expected to settle matter but chances of the authorities questioning such deductions not ruled out, say tax experts

Tax tribunals in Delhi and Mumbai allow deductions for CSR donation

Tax authorities had earlier argued that since CSR expenditures were mandated by law, they were not voluntary and therefore, did not qualify as donations for tax deductions

Murugappa Group's CSR subsidiary AMM Foundation completes 100 years

Established a century ago, the AMM Hospital, known locally as the 'oru ruba' (one rupee, which is the fee charged from patients) hospital, has been a beacon of quality healthcare for local community

World needs India; Indian biz leading in investments in social causes: UN

The world needs India as the businesses in the country have been leading in terms of investing in social causes, a senior UN official said on Thursday and stressed that business is the key driver that will deliver the sustainable development goals. The United Nations Resident Coordinator in India Shombi Sharp also said that Corporate Social Responsibility (CSR) is indispensable in India's journey, where businesses are at the forefront in the efforts of the country to become a USD 5 trillion economy. "The world needs business and the world needs India and as India leads, the world is following," he said at a conference on CSR in the national capital. He noted that India has been leading the world in CSR, especially with its recent leadership during the COP28 summit. Under the companies law, certain classes of profitable entities are required to shell out at least two per cent of their three-year annual average net profit towards CSR activities in a particular financial year. Beside

How wonderful SHE can be

Azim Premji transformed himself from being a businessman into a philanthropist

Input tax credit not available for GST paid on CSR work expenses: UP AAR

CSR activities are excluded from the normal course of business, says authority citing rules

Companies can omit important information under new CSR disclosure rules

New rules let companies omit details like title, location, and duration of the business's CSR project, budget allotted for it, the amount spent on it during the current fiscal year among others

CSR exemption for firms making losses; eligibility to be checked every year

CSR rules are applicable to companies with a net profit of over Rs 5 crore or networth of over Rs 500 crore or turnover of Rs 1,000 crore

Walmart, Flipkart contribute over Rs 2 cr towards flood relief in Assam

The funds will help humanitarian organisation 'Doctors For You' support people impacted in the region, a joint statement said

What is corporate social responsibility?

Govt had in February this year asked India Inc to furnish a report on their corporate social responsibility (CSR) activities. From being a voluntary exercise, it has been made mandatory by the govt

Larsen and Toubro spends Rs 150 crore on CSR activities in FY21

Engineering conglomerate Larsen and Toubro (L&T) spent Rs 150 crore in FY'21 on corporate social responsibility activities, impacting 1.21 million beneficiaries. The beginning of the current year was noteworthy for L&T's efforts in corporate social responsibility (CSR) as the company's CSR team handed over two Integrated Community Development Projects (ICDPs) to the Tamil Nadu government's agriculture department at Kalangal village in Sulur block, an area that till recently was one of the most water-scarce places in the state. "With a CSR spend of Rs 1.5 billion in FY'21, 108 partners and several thousand suppliers and contractors, L&T's social initiatives have touched 1.21 million beneficiaries," the company said. The company said in building India's social infrastructure, the aim is to improve the quality of life, mitigate social inequalities, build self-sufficiency and help individuals achieve their true potential. The CSR team's various interventions in water and ...

New CSR disclosure framework to enhance transparency: Govt official

In 2019-20 financial year, the CSR expenditure stood at Rs 24,864 crore; As per data available on the portal, the total CSR spending in the last two financial years is more than Rs 45,200 crore

New CSR form to enhance corporate compliance, help govt in keeping a tab

The government had mandated that Corporate India publish a comprehensive report on their specific CSR initiatives.

Expense on R&D for Covid-19 drugs, vax, devices will count as CSR

The CSR FAQs provide details of what would qualify as administrative overheads

Cos spending on Covid jabs for individuals to be considered CSR activity

Companies spending funds on COVID vaccination for individuals other than employees and their families will be considered as a CSR expenditure. The corporate affairs ministry, which is implementing the Companies Act, 2013, has issued a clarification in this regard. In March 2020, the ministry had said that spending on COVID-19 would be considered as a Corporate Social Responsibility (CSR) activity. "... it is further clarified that spending of CSR funds for COVID-19 vaccination for persons other than the employees and their families, is an eligible CSR activity," the ministry said in a circular on July 30. The activity is eligible to be considered as a CSR work under Section VII of the Act relating to promotion of healthcare, including preventive healthcare and pertaining to disaster management. "The companies may undertake the aforesaid activity subject to fulfillment of Companies (CSR Policy) Rules, 2014 and the circulars related to CSR issued by this ministry from time to time,"

Cos' spending on health infra for Covid will be considered as CSR: Govt

The government said that spending by companies for setting up health infrastructure for Covid-19 care will be considered as CSR activities