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Corporate Social Responsibility (CSR) is not a feel-good factor anymore! And corporations don’t do it out of luxury. It has become an integral part of businesses to partake in this journey and do something for the society.
Moreover, a serious commitment like CSR brings positive results for the company, its employees, consumers and stakeholders. With every CSR activity, a company becomes more responsible to bring positive changes in the society.
That said, one can’t just write cheques and call it CSR. The process is much more intense than one can imagine. So, it’s better to find out.
What Does Corporate Social Responsibility Mean in India?
In recent times India has made thorough changes in CSR regulations, and companies must abide by it. New policy frameworks have been introduced and clearer guidelines have been given, to make CSR more social environment friendly.
Take a look and find out about these rules.
1. Rules, Regulations & Framework
According to Companies Act, 2013 CSR is a mandatory practice for companies. Thus, companies profiting over 5 crores must donate 2% of their Net Profit of preceding 3 years for CSR activities.
A LiveMint report claims that Indian companies have donated more than more than 1 Trillion Rupees on CSR activities.
However, with great results make the importance of corporate social responsibility greater. And importance in turn brings more responsibilities. Thus, companies now have to assess the impact before they participate in any CSR activity.
Therefore, with each assessment, the companies will find holes in their activities, which will help them upgrade their work. And that’s not all!
Companies Act 2013 also brought in ESG necessities for companies. Section 134 (m) of Companies Act 2013 states that along with yearly financial reports, companies must produce a proof of energy conservation report.
2. How Is It Going to Affect the Livelihood of Society?
With inflation and resource crisis the entire globe, especially India is going through, the positive impact of CSR is now more than ever. Therefore, companies are now straight up partnering with various NGOs, to guide them in this noble path.
Along with NGOs, these companies are able to educate, feed and nurture downtrodden youth and help them find a path.
This in turn helps the youth in following their passion and actively take part in making India’s economy better .
3. How Did CSR Work During Pandemic?
Pandemic took away several things, however it also brought the entire nation together. Big names came together to actively contribute and aware the Indian citizens.
They also collaborated with NGOs in providing equipment like masks, ventilators, testing kits and food for those suffering from COVID. Some companies collaborated with NGOs and provided medicines, medical equipment and other kits for those living in the rural areas.
Thus, they not only helped those in need, but also strengthened corporate bonds with NGOs.
How Will Corporate Social Responsibility Positively Affect The Companies?
As the new rules were imposed, being socially responsible brought in several perks for corporations. Here, read them out!
1. Happy Stakeholder Means Better Organisation
Business is not as it used to be 100 years back. Organisations are now answerable to their stakeholders, employees and even the government for every move.
Therefore, with so many groups of individuals keenly scrutinising, bringing in profit isn’t just enough. The company must be ethically and environmentally responsible.
And this realization will make them want to collaborate with a genuine NGO for doing better.
2. Better Organisations Mean More Talent
It’s every organisation’s dream to churn out the best minds of the industry. And as it turns out CSR can. One of the biggest benefits of corporate social responsibility is that it attains the best talents of the country.
As it turns out, now it’s the employees that choose the company and not the other way around. And the employees only want to be associated with companies that are socially responsible.
Therefore, when an organisation participates in CSR activities, they often retain the best talents in the industry.
3. More Responsible Means More Innovation
When organisations are more responsible they practise business habits like emitting minimum CO2 during production.
And such actions reduce the chances of social and environmental damages, thus helping companies stay ahead in the market.
Donations Under Corporate Social Responsibility
According to the Income Tax Act of 1961, organisations, individuals can claim up to 100% tax deduction for charitable donations. However, there are some conditions and limits to these benefits.
For example, one can claim a 100% tax redemption when they donate for the National Defence, or PM Relief Fund. And if one donates to National Children’s Fund, or Indira Gandhi Memorial Fund, you can claim a 50% redemption.
Moreover, to be eligible, one must fall under the old bracket of Tax Act 1961 and not the new tax bracket. Furthermore, organisations and individuals also mustn’t donate any money beyond 2,000/- INR in cash.
Be Socially Responsible & Partner With GoodWorks Trust
Once you partner with Goodworks, one of the most genuine NGOs in Noida, you will see benefits in ten folds. Take a look and find out what you will be responsible for once you donate to GoodWorks Trust:
- Education For All
Till now GoodWorks Trust is responsible for admitting 300+ children to schools. And with more support, GoodWorks will double their activities and send more children to school.
- Health is Everyone’s Right
GoodWorks Trust is one of the very few NGOs of Noida that organises regular medical camps, contributions for health kits in various schools in various remote areas. That’s because GoodWorks believes that health and hygiene should never be taken for granted.
- Food, It’s Important
GoodWorks Trust knows that food is for all. That’s why they regularly provide food to the downtrodden and hungry. So, when you finally collaborate with GoodWorks, you will find yourself beaming with pride.
- Women = Empowered
Michelle Obama once said, “There is no limit to what we as women can accomplish”.
And GoodWorks Trust firmly believes that. Hence, it has invested and encouraged women in every way possible. From helping them find courses best suited for their career to enhancing their self esteem, GoodWorks’ volunteers ensured to make women believe in their capability.
Corporate Social Responsibility is the best way to give back to the society that has helped organisations reach their positions. CSR partnerships also help in uplifting communities and bring positive changes in the local or national economy.
Most importantly, CSR offers the underprivileged calls an equal chance of jolting away hurdles and looking forward to a better future. Hence, it’s important and organisations must invest more in it.