Corporate Social Responsibility (CSR)

About Corporate Social Responsibility:

• What is it? It is a business model by which companies make a concerted effort to operate in ways that enhance rather than degrade society and the environment.
• It helps both improve various aspects of society as well as promote a positive brand image of companies.
• Section 135 of the Companies Act, 2013 makes it mandatory for the following companies having in the immediately preceding financial year:
  • Every company having a net worth of rupees five hundred crores or more, or
  • Every company having a turnover of rupees one thousand crores or more, or
  • Every company has a net profit of rupees five crores or more to comply with CSR provisions.

Q1) What is Turnover in business terms?

Turnover is a business term that refers to the amount of money that a company generates from the sale of goods or services over a specific period, usually measured on an annual basis. It is also known as revenue or sales turnover.

Source: Eye on CSR Part-II: FY22 spending near target, thanks to white knights