CHANGING DIMENSIONS OF CSR ACTIVITIES FOR BUSINESS & GOVERNMENT

Prof. Jitendra Singhal; Dr.Sunita Singhal

Volume : VIII, Issue : XII, December - 2019

CHANGING DIMENSIONS OF CSR ACTIVITIES FOR BUSINESS & GOVERNMENT

Prof. Jitendra Singhal, Dr. Sunita Singhal

Abstract :

Every economy has its own distinct needs and implications of its revenues. The governance of an economy is fuelled through its revenues. In order to generate sufficient and timely revenues, the revenue department has to be observant enough to synchronise various sectors of the industries through an established framework of different kinds of taxes, duties, cess, surcharges etc. During the whole course of collection, the revenue department has too diligently look for, not only for probable loop–holes of in collection process, but also how the assessments of taxes are made and how the assesses can be allowed certain leverages for doing their part for the good of the society. Here comes the concept of Corporate Social Responsibility for achieving a government’s ultimate objective of serving its people. In a way, an assessee spends a certain amountof funds out of it’s taxable income,for the good of society, taking its responsibility as a corporate entity and thereby the revenue department allows certain relaxations in taxable amount to the assessee. Incidentally, the larger good of the society is achieved. This paper is an analysis of implications of Corporate Social Responsibility in Indian scenario, with a special reference to the mind crunching provisions of the Indian Income Tax Act, 1961 and the Indian Companies Act, 2013