Companies that pushed the envelope of charitable spending beyond legal requirements helped take the aggregate CSR (corporate social responsibility) expenditure by all listed companies closer to the cumulative mandatory amount in 2021-22.
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.