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A company abides by the new regulations regarding payment of taxes in India. It is performing its social responsibility towards the

Posted by Sahil Cheema 3 years, 11 months ago

CBSE > Class 11 > Business Studies

1 answers

Gaurav Seth 3 years, 11 months ago

A company abides by the new regulations regarding payment of taxes in India. It is performing its social responsibility towards the government

Social responsibility of business towards government’s regulatory bodies or agencies is quite sensitive from the license point of view. If permission is not granted or revoked abruptly, it can result in huge losses to an organization. Therefore, compliance in this regard is necessary.
Furthermore, a business must also function within the demarcation of rules and policies as formulated from time to time by the government of state or nation. It should respect laws and abide by all established regulations while performing within the jurisdiction of state.
Some examples of activities a business can do in this regard:

Paying fair taxes on time,
Following labor, environmental and other laws, etc.
Seeking permissions wherever necessary,
Licensing an organization,

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