An amount of 2% of the profits have to
be utilized for which purpose by industries?
(i) Income Tax
(ii) Corporate Social Responsibility
(iii) Goods and Service Tax
(iv) Sales Tax
be utilized for which purpose by industries?
(i) Income Tax
(ii) Corporate Social Responsibility
(iii) Goods and Service Tax
(iv) Sales Tax
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Answer:
When an industrialist or a group of industries work for the betterment of the society and for the conservation of the environment, it is known as Corporate Social Responsibility (CSR).Showing responsibility to society by helping needy people or needy organizations is an important task. With this objective, when an industry or a group of industries have made a profit of over 5 crores, they are expected to spend at least 2% of their profits on acts benefitting the society.
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