Under the proposals, companies must contribute 2% of their net profits where they meet any one of the following criteria:
- The company's net worth is equal to, or more than, INR500 cr (about CDN$95 million)
- The company's sales (turnover) is equal to, or more than, INR1000 cr (about CDN$190 million)
- The company's net profits are equal to, or more than, INR5 cr (about CDN$950,000).
India considers the following to be social responsibility activities:
- Environment sustainability
- Social business
- Teaching vocational skills
- Poverty reduction
- Improved health.
For more information, contact your KPMG adviser.
Information is current to March 12, 2013. The information contained in this publication is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's National Tax Centre at 416.777.8500