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Any expenditure on activities relating to corporate social responsibility (CSR) relating to section 135 of the Companies Act 2013, shall not be deemed to have been incurred for the purpose of business and hence not allowable as a business expenditure. Companies had been urged to spend 2 per cent of the average of 3 years profits on CSR activities. The Ministry of Company Affairs had earlier suggested various areas and provided an indicative list where such expenditure could be done.
The finance bill accompanying the budget statement has announced this through an amendment to Section 37 of the Income Tax Act.
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