Accounting For Expenditure on CSR Activities & Depreciation

CSR IS APPLICABLE ON:

•     NET WORTH >500 CR ,TURNOVER>1000 CR ,NET PROFIT>=5CR DURING IMMEDIATELY PRECEDING YEAR

•      NET WORTH >=500 CR ,TURNOVER<=1000 CR ,NET PROFIT>=5CR DURING IMMEDIATELY PRECEDING YEAR

•     NET WORTH >=500 CR ,TURNOVER>=1000 CR ,NET PROFIT>=5CR DURING IMMEDIATELY PRECEDING YEAR

•     NET WORTH >=500 CR ,TURNOVER>=1000 CR ,NET PROFIT>5CR DURING CURRENT  YEAR

WITH REFRENCE TO THE CSR which of this is true :

1)      Companies Act 2014 introduce CSR

2)      Companies COVERED UNDER THIS HAVE TO SPEND ATLEAST 1% OF THEIR ANNUAL NET PROFIT IN THE ACTIVITIES COVERED UNDER THIS ACT

CHOOSE THE CORRECT ANSWER

•     1 ONLY

•     2 ONLY

•     BOTH 1 AND 2

•     NEITHER 1 NOR 2

WHAT IS THE MINIMUM AMOUNT REQUIRED TO BE SPENT AS CSR EXPENDITURE?

•     2% OF LAST YEAR PROFIT

•      ATLEAST 1% OF AVERAGE PROFIT OF LAST 3 PRECEEDING YEAR

•    ATLEAST 2% OF AVERAGE PROFIT OF LAST 3 PRECEEDING YEAR

• 1% OF LAST YEAR PROFIT

PRESENRTATION OF CSR ACTIVITY IS MANDATORY UNDER :

1)      STATEMENT OF PROFIT & LOSS

2)      BALANCE SHEET

3)      DIRECTORS REPORT

CHOOSE CORRECT ANSWER

•      1,2

•     1,3

•    2,3

•    1,2,3

THE ONLY COUNTRY IN THE WORLD WITH LEGISLATURE OF CSR IS:

•   INDIA

•     PAKISTAN

•   UKRAINE

•    RUSSIA

THERE IS NO REQUIREMENT OF FORMULATION OF CSR COMMITTEE IF AMOUNT TO BE SPENT ON CSR ACTIVITIES DOES NOT EXCEED

• 25 LAKHS

• 50 LAKHS

• 1 CRORE

• 10 LAKHS

IT IS MANDATORY FOR A COMPANY TO DISCLOSE ITS CSR ACTIVITIES ON ITS WEBSITE

•  TRUE

•  FALSE

WHETHER THE EXCESS AMOUNT SPENT ON CSR ARE ALLOWED TO BE CARRIED FORWARD?

•      YES

•      NO

UNSPENT CSR AMOUNT RELATING TO OTHER THAN ONGOING PROJECT SHALL BE TRANSFERRED TO A FUND SPECIFIED IN SCHEDULE VII WITHIN

• WITHIN 30 DAYS FORM END OF FY

• WITHIN 3 MONTHSFROM  END OF FY

• WITHIN 6 MONTHS FROM END OF FY

• WITHIN 3 YEARS FROM END OF FY

ANY SURPLUS ARISING OUT OF CRS PROJECT OR ACTIVITIES SHALL FORM PART OF BUSINESS PROFIT OF THE COMPANY?

•     TRUE

• FALSE