FinMin to decide on tax benefits for CSR after Budget: Sachin Pilot
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The finance ministry is expected to take a view on providing tax benefits for expenditure on social welfare activities by companies after the budget, Corporate Affairs Minister Sachin Pilot said today.
Against the backdrop of the government making Corporate Social Responsibility (CSR) spending mandatory in the proposed new Companies Act, various firms are pitching for tax benefits on such expenditure.
Pilot said the money should be invested for community development.
"It is clear that CSR (spending) we have proposed in the Bill is two per cent of the profits. Now, I think, post budget, the finance ministry will take a view (on whether) it will be taken as an expense or not. But for all purposes the definition of profit is what it is. Different suggestions have come forward," Pilot said.
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