Section 8 of the Indian Companies Act, 2013, which deals with the provisions related to the “Corporate Social Responsibility” (CSR) of companies in India. Under Section 8, companies with a net worth of at least INR 500 crore, or an annual turnover of INR 1,000 crore, or a net profit of INR 5 crore or more, are required to spend 2% of their average net profits of the immediately preceding three financial years on CSR activities.
Section 8 mandates that the board of directors of a company must ensure that the company spends the required amount on CSR activities, and a report on the same must be included in the annual report of the company. The CSR provisions under Section 8 aim to encourage companies to give back to society and promote sustainable development.
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