(1) A medium or large industry or cottage or small industry with annual turnover of more than one hundred fifty million rupees shall set aside at least one percent of its annual net profits in each fiscal year for the purpose of performing the corporate social responsibility.
(2) The amount set aside under subsection (1) shall be spent in such areas as prescribed, upon making annual plans and programmes.
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(3) An industry shall submit details on the programmes completed in each fiscal year under subsection (2) and amounts spent in such programmes to the concerned industry registration body within six months after the end of the fiscal year.
(4) The amount set aside for the corporate social responsibility under subsection (1) may be deducted as expenses for the purpose of income tax.