New Delhi, Aug. 16 -- A high-level government panel on corporate social responsibility (CSR) has recommended that such spending be made tax-deductible for companies and jail term for executives who failed to transfer unspent amounts to a state fund be scrapped. The panel, led by corporate affairs secretary Injeti Srinivas, submitted its report to corporate affairs minister Nirmala Sitharaman on Tuesday, 13 August. Indian companies spend around '15,000 crore a year on CSR, according to the government. Allowing CSR spending as a deduction while computing taxable income will come as a big relief to businesses, one of t h e i r l o n g - s t a n d i n g demands. To give effect to such a provision, the Income Tax Act will have to be amended to i...