Every company is required to prepare financial statements as per Section 129 of the Companies Act, 2013 that comply with Accounting Standards and the general requirements pertaining to financial statements has been provided under Schedule III of the Companies Act, 2013. Schedule III asserts that the financial statements need to be made in the form of balance sheets and profit and loss accounts as per Accounting Standards and the disclosure standards provided therein. One of such disclosure standards pertain to the corporate social responsibility initiatives taken by that company in a particular accounting year. Due to the several issues pertaining to deduction and expenditure claims of corporate social responsibility expenses under the Income Tax Act, 1961, this article is aimed at providing a critical analysis on the subject. Corporate social responsibility refers to a set of initiatives where a company integrates social and environmental concerns in their business operat.......