The Ministry of Corporate Affairs (MCA) has issued a notification extending the due date for filing Form CSR-2 for the financial year 2023-24. According to a notification dated May 19, 2025, the deadline for submitting the form, which pertains to Corporate Social Responsibility activities, has been pushed to June 30, 2025. This amendment was implemented through the Companies (Accounts) Amendment Rules, 2025, which came into effect upon their publication in the Official Gazette. The adjustment specifically alters sub-rule (1B) of rule 12 in the Companies (Accounts) Rules, 2014, substituting the previous deadline of March 31, 2025, with the new June 30, 2025, date. The MCA, exercising powers under various sections of the Companies Act, 2013, including sections 128, 129, 133, 134, 135, 136, 137, 138, and 469, enacted this change.
Section 128: Books of Account, etc., to be kept by Company Section 128 mandates that every company must prepare and maintain proper books of account and other relevant financial records. These records are generally to be kept at the company’s registered office, though the Board of Directors can designate another location in India, provided they notify the Registrar of Companies. The section also allows for the maintenance of records in electronic mode and stipulates that these records must provide a true and fair view of the company’s financial affairs. It also specifies the period for which these records must be retained, typically eight financial years, and outlines inspection rights for directors.
Section 129: Financial Statement This section governs the preparation and presentation of financial statements. It requires that financial statements provide a true and fair view of the company’s state of affairs and comply with the accounting standards notified under Section 133. Financial statements must be laid before the company’s annual general meeting. Furthermore, it mandates the preparation of consolidated financial statements for companies with subsidiaries, and outlines disclosure requirements for deviations from accounting standards, including reasons and financial effects.
Section 133: Central Government to Prescribe Accounting Standards Section 133 grants the Central Government the authority to prescribe accounting standards for companies in India. These standards are to be developed in consultation with the National Financial Reporting Authority (NFRA) and are crucial for ensuring uniformity and comparability in financial reporting across companies. Compliance with these prescribed accounting standards is a fundamental requirement for the preparation of financial statements under the Act.
Section 134: Financial Statement, Board’s Report, etc. Section 134 outlines the requirements for the approval, signing, and attachment of the Board’s Report to the financial statements. The Board’s Report must include various disclosures, such as information about the company’s annual return, number of board meetings, and a Directors’ Responsibility Statement. This statement confirms, among other things, that accounting standards have been followed, appropriate accounting policies have been applied, and internal financial controls are adequate and effective.
Section 135: Corporate Social Responsibility This section mandates Corporate Social Responsibility (CSR) for companies meeting specific financial thresholds (net worth, turnover, or net profit). Such companies are required to constitute a CSR Committee of the Board, formulate a CSR Policy, and spend at least two percent of their average net profits of the preceding three financial years on CSR activities. The section also specifies the activities that qualify as CSR and includes provisions for the treatment of unspent CSR amounts, either transferred to a special account for ongoing projects or to designated government funds.
Section 136: Right of Member to Copies of Audited Financial Statement Section 136 ensures that members of a company, debenture holders’ trustees, and other entitled persons receive copies of the financial statements, including consolidated financial statements, along with the auditor’s report and other annexed documents, which are to be laid before the general meeting. It also requires listed companies and companies with subsidiaries to place these documents on their websites and allows for inspection of such documents at the company’s registered office.
Section 137: Copy of Financial Statement to be filed with Registrar Section 137 obligates companies to file a copy of their financial statements, including consolidated financial statements and all attached documents, with the Registrar of Companies (ROC). This filing must occur within thirty days of the annual general meeting where the financial statements were adopted. Special provisions exist for situations where financial statements are not adopted at the AGM or for One Person Companies.
Section 138: Internal Audit Section 138 introduces the requirement for certain classes of companies to conduct internal audits of their functions and activities. The Central Government, through rules, prescribes the specific classes of companies that must appoint an internal auditor, who can be a chartered accountant, cost accountant, or another professional decided by the Board.
Section 469: Power of Central Government to Make Rules Section 469 is a general enabling provision that empowers the Central Government to make rules for carrying out the provisions of the Companies Act, 2013. It allows the government to prescribe specific details and procedures that are necessary for the effective implementation and administration of various sections of the Act.
Rule 12(1B) of the Companies (Accounts) Rules, 2014, mandates specific reporting requirements for companies obligated to undertake Corporate Social Responsibility (CSR) activities under Section 135(1) of the Companies Act, 2013. This sub-rule specifically requires such companies to furnish a detailed report on their CSR initiatives in Form CSR-2. This form is typically filed as an addendum to the company’s financial statements, generally submitted with Form AOC-4 (or its variations like AOC-4 XBRL or AOC-4 NBFC (Ind AS)). The provision ensures that companies publicly disclose their CSR expenditure and activities, thereby promoting transparency and accountability in their social responsibility efforts. Over time, the due dates for filing Form CSR-2 for various financial years have been adjusted through subsequent amendments, with the most recent extension pushing the deadline for the financial year 2023-24 to June 30, 2025.
MINISTRY OF CORPORATE AFFAIRS
NOTIFICATION
New Delhi, the 19th May, 2025
G.S.R. 317(E).— In exercise of the powers conferred by sub-sections (1) and (3) of section 128, sub-section (3) of section 129, section 133, section 134, sub-section (4) of section 135, sub-section (1) of section 136, section 137 and section 138 read with section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Accounts) Rules, 2014, namely:
1. Short title and commencement. (1) These rules may be called the Companies (Accounts) Amendment Rules, 2025.
(2) They shall come into force on the date of their publication in the Official Gazette.
2. In the Companies (Accounts) Rules, 2014, in rule 12, in sub-rule (1B), in the fourth proviso, for the words, figures and letters “on or before 31st March, 2025”, the words, figures and letters “on or before 30th June, 2025” shall be substituted.
[F. NO. 1/19/2013-CL-V Part IV-Part(1)]
BALAMURUGAN D, Jt. Secy.
Note : The principal rules were published in the Gazette of India Extraordinary, Part II, Section 3, Sub-Section (i) vide number G.S.R. 239(E), dated the 31st March, 2014 and was last amended vide notification number G.S.R. 794(E), dated the 31st December, 2024.
