Previous year MCQs

Economy UPPSC 2019 GS-I
Question

With reference to the Corporate Social Responsibility (CSR), which of the statements is/are correct?

1. Companies Act 2014, introduces mandatory CSR.
2. Companies covered under this will have to spend at least one percent of their annual net-profit in the activities under CSR.

Select the correct answer using the codes given below:

Answer & Solution

Answer: (Detailed Solution Below)

Option D: Neither 1 nor 2

Detailed Solution:

The correct answer is “Neither 1 nor 2”.
The Companies Act that introduced mandatory CSR provisions is the Companies Act 2013.

Under the Companies Act 2013, companies are required to spend at least 2% of their average net profit of the last three years on CSR activities, not one percent.

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Select the correct answer using the codes given below:
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Code:
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