Corporate Social Responsibility (CSR) is an important feature of every business organization. Likewise economic aspects of an organization ethical, social and moral aspect are also very important. Social responsibility calls for improving welfare of society and improving, developing and advocating Socially Responsible Business Model and solve a broad range of social problems. This will help corporate in their brand building and also contribute towards faster and more balanced and Sustainable growth of our society. A business firm operates as it is allowed by the society, and in return, business is expected not to undertake such activities that are detrimental to the interest of society. It is all about creating a harmonious relationship with the society. The role of CSR in success and failure of any organization has been a subject of debate world over. It has attracted attention of business and academics affiliation. The size of organization should not matter for CSR. There are various factors that have given rise to CSR. In India, CSR has changed its form from voluntary to mandatory due to statutory obligations. The basic purpose of this paper is to conceptualize the advantages and challenges faced by the corporate in promoting CSR .This paper also studies the concepts of companies’ benefits from the corporate social responsibility activities.