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In this essay we will discuss about Corporate Social Responsibility. Thus every corporate unit must have a responsibility for the upliftment of society which is broadly considered as Corporate Social Responsibility (CSR).
Here the term ‘net profit’ shall indicate net profit before tax as per book of accounts and shall never include profits earned from branches outside India.
Here CSR reporting will have to be done on an annual basis and that too commencing from the financial year 2014-15.
It will also earmark the amount of expenditure to be incurred on CSR activities and will also monitor the CSR policy of the company and its implementation regularly.
The draft rules suggest the following activities to be included under CSR: (i) Activities related to eradicating poverty and hunger; (ii) Activities related to promotion of education; (iii) Empowerment of women and promoting gender equality.
Thus social responsibility broadly refers to the obligations and duties of business to the society as a whole. Thus CSR is a way through which a company usually attains a balance between economic, social and environmental activities.
Thus, spending on CSR by a company is a simple process of giving back to the society in which it is doing its business activity and making profits for its shareholders sincerely.
Each of us at least once in a lifetime has heard such a phrase “You are irresponsible! Definitely, people are not born with the sense of responsibility and it does not appear at once by a magic clasp of the fingers.
Not everyone understands the meaning of the words “responsibility” and “responsible / irresponsible”. Responsibility is one of the traits of our character which means that a person is able to respond for his actions, is able to take some duties and to face certain consequences of the actions that may occur.
There are certain kinds of jobs which demand from a personal responsibility, jobs where lack of responsibility can lead to tragic consequences or even to a catastrophe.
Let us imagine a situation when a student was to write an essay but he did not manage to complete this task in time.