corporate social responsibility

Availability of ITC on CSR Expenses

Company Law - That it is eligible to claim ITC on the CSR expenditure spent by it since it is spent in accordance with the provisions laid down by Companies Act, 2013. CSR expenses incurred by the applicant have been mandated under the Companies Act, 2013....

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Companies (CSR Policy) Amendment Rules, 2022 – Analysis

Company Law - Companies (CSR Policy) Amendment Rules, 2022 came into force to amend few sub-rules of Companies (Corporate Social Responsibility Policy) Rules, 2014. They shall come into force on the date of their publication in Official Gazette that is 20th September, 2022. Majorly, it covers five amendments: 1. If the company has any amount in Unspen...

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All about Corporate Social Responsibility (CSR) under Company Law

Company Law - Let’s begin with the meaning of Corporate Social Responsibility (CSR). When the companies get bigger in size, apart from the economic responsibility of earning profits, there are some social responsibilities which the companies shall also consider in order to fulfil the expectations of society....

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CSR Compliances as per New Rules w.e.f. 20th September 2022

Company Law - It has made mandatory for the Company to ensure the Constitution of CSR Committee and compliance of sub-section (2) to (6) of Section 135 to ensure that the Company complies with CSR initiative w.r.t to the unspent Amount....

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Companies (Corporate Social Responsibility Policy) Amendment Rules, 2022

Company Law - Corporate social Responsibility is a sense of understanding of the company towards the environment and the society, broadly refers to the work and activities undertaken by corporate towards issues related to social causes and development, environment, disaster relief and community support. As commonly misunderstood, the CSR is not charity...

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No specific Incentives mechanism For Utilisation of CSR Funds

Company Law - There is no specific incentive mechanism in place to incentivise the effective utilisation of Corporate Social Responsibility (CSR) funds by companies as this is a regulatory requirement under Companies Act, 2013...

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No provision of social audit of CSR expenditure: Govt

Company Law - Under the current legal framework, there is no provision of social audit of Corporate Social Responsibility (CSR) expenditure made by the companies...

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No structured study regarding impact of enforcement of CSR provisions- Govt

Company Law - There is no structured study carried out by the Ministry of Corporate Affairs (MCA) regarding impact of enforcement of Corporate Social Responsibility (CSR) provisions of the Companies Act,2013 (‘Act’)....

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Monitoring Mechanism For CSR

Company Law - The broad framework for Corporate Social Responsibility (CSR) has been provided through Section 135 of the Companies Act, 2013 ('Act'), Schedule VII of the Act and Companies (CSR Policy) Rules, 2014....

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ICSI Request for providing extension of timelines for filing of Form CSR-2

Company Law - It is requested to extend timelines to file Form CSR-2 by companies for preceding financial year 2020-2021 from 30th June, 2022 to 31.12.2022...

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Donation to institutions not listed in Schedule (VII) of Companies Act not deductible as CSR expenditure

Vedanta Limited Vs ACIT (Delhi High Court) - Delhi High Court held that donations to institutions other than the one enlisted in Schedule (VII) of the Companies Act, 2013 is not deductible as Corporate Social Responsibility....

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Voluntary CSR Expenditure exclusively for purpose of business allowable

Agappe Diagnostics Limited Vs DCIT (ITAT Mumbai) - CSR expense disallowance is restricted to expenses incurred by assessee under statutory obligation u/s.135 of companies Act 2013 and it doesn’t apply to expenditure incurred in discharge of corporate social responsibility (CSR) on voluntarily basis....

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ITC eligible on CSR expenditure spent by company

In re Bambino Pasta Food Industries Private Limited (GST AAR Telangana) - The expenditure made towards corporate responsibility under section 135 of the Companies Act, 2013, is an expenditure made in the furtherance of the business. Hence the tax paid on purchases made to meet the obligations under corporate social responsibility will be eligible for input tax credit unde...

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Disallowance of CSR expense by treating it as capital is unjustified

Security Printing & - Held that impugned expenditure cannot be held to be capital and it is not in the nature of personal expenditure or for any violation of law. Disallowance of CSR expenditure unjustified....

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Cenvat credit not available on services used for CSR

Power Finance Corporation Ltd. Vs Commissioner (Appeal) (CESTAT Delhi) - Power Finance Corporation Ltd. Vs Commissioner (Appeal) (CESTAT Delhi) The fact that the corporate social responsibility is a legal responsibility does not make it an output service. The appellant not entitled to Cenvat Credit on the services used for corporate social responsibility. Facts- The appe...

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MCA imposes Penalty for Delay in Transferring unspent CSR Fund

Notification No. ROC/D/Adj Order/Section 135/Comviva/5702-5710 - (27/09/2022) - GOVERNMENT OF INDIA MINISTRY OF CORPORATE AFFAIRS, OFFICE OF REGISTRAR OF COMPANIES, NCT OF DELHI & HARYANA 4TH FLOOR, IFCI TOWER, 61, NEHRU PLACE, NEW DELHI -110019 No. ROC/D/Adj Order/Section 135/Comviva/5702-5710 Dated: 27.09.2022 Order for Penalty for Violation of Section 135 of the Companie...

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Companies (CSR Policy) Amendment Rules, 2022

Notification No. G.S.R. 715(E) - (20/09/2022) - Companies (Corporate Social Responsibility Policy) Amendment Rules, 2022 Provided further that a company having any amount in its Unspent Corporate Social Responsibility Account as per sub-section (6) of section 135 shall constitute a CSR Committee and comply with the provisions contained in sub-sec...

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Clarification on spending of CSR funds for “Har Ghar Tiranga” campaign

General Circular No. 08/ 2022 - (26/07/2022) - 'Har Ghar Tiranga', a campaign under the aegis of Azadi Ka Amrit Mahotsav, is aimed to invoke the feeling of patriotism in the hearts of the people and to promote awareness about the Indian National Flag....

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File Form CSR-2 separately on or before 31st March, 2023 for FY 2021-22

Notification No. G.S.R. 407(E). - (31/05/2022) - For financial year 2021-2022, Form CSR-2 shall be filed separately on or before 31st March, 2023 after filing Form AOC-4 or AOC-4 XBRL or AOC-4 NBFC (Ind AS)...

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MCA extends Audit Trail Date to April 1, 2023 & CSR-2 to 31.05.2022

Notification No. G.S.R. 235(E). - (31/03/2022) - MCA has vide notification dated 31.03.2022 extends Implementation of Audit Trail software to financial year commencing on or after the April 1, 2023 and also extended CSR-2 due date till  May 31, 2022. Extension of due date for filing form CSR-2 The MCA vide its notification dated 11th February, 20...

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Recent Posts in "corporate social responsibility"

Donation to institutions not listed in Schedule (VII) of Companies Act not deductible as CSR expenditure

Vedanta Limited Vs ACIT (Delhi High Court)

Delhi High Court held that donations to institutions other than the one enlisted in Schedule (VII) of the Companies Act, 2013 is not deductible as Corporate Social Responsibility....

Read More

Voluntary CSR Expenditure exclusively for purpose of business allowable

Agappe Diagnostics Limited Vs DCIT (ITAT Mumbai)

CSR expense disallowance is restricted to expenses incurred by assessee under statutory obligation u/s.135 of companies Act 2013 and it doesn’t apply to expenditure incurred in discharge of corporate social responsibility (CSR) on voluntarily basis....

Read More

Availability of ITC on CSR Expenses

That it is eligible to claim ITC on the CSR expenditure spent by it since it is spent in accordance with the provisions laid down by Companies Act, 2013. CSR expenses incurred by the applicant have been mandated under the Companies Act, 2013....

Read More
Posted Under: Company Law |

ITC eligible on CSR expenditure spent by company

In re Bambino Pasta Food Industries Private Limited (GST AAR Telangana)

The expenditure made towards corporate responsibility under section 135 of the Companies Act, 2013, is an expenditure made in the furtherance of the business. Hence the tax paid on purchases made to meet the obligations under corporate social responsibility will be eligible for input tax credit under CGST and SGST Acts....

Read More

Companies (CSR Policy) Amendment Rules, 2022 – Analysis

Companies (CSR Policy) Amendment Rules, 2022 came into force to amend few sub-rules of Companies (Corporate Social Responsibility Policy) Rules, 2014. They shall come into force on the date of their publication in Official Gazette that is 20th September, 2022. Majorly, it covers five amendments: 1. If the company has any amount in Unspen...

Read More
Posted Under: Company Law |

All about Corporate Social Responsibility (CSR) under Company Law

Let’s begin with the meaning of Corporate Social Responsibility (CSR). When the companies get bigger in size, apart from the economic responsibility of earning profits, there are some social responsibilities which the companies shall also consider in order to fulfil the expectations of society....

Read More
Posted Under: Company Law |

CSR Compliances as per New Rules w.e.f. 20th September 2022

It has made mandatory for the Company to ensure the Constitution of CSR Committee and compliance of sub-section (2) to (6) of Section 135 to ensure that the Company complies with CSR initiative w.r.t to the unspent Amount....

Read More
Posted Under: Company Law |

MCA imposes Penalty for Delay in Transferring unspent CSR Fund

Notification No. ROC/D/Adj Order/Section 135/Comviva/5702-5710 27/09/2022

GOVERNMENT OF INDIA MINISTRY OF CORPORATE AFFAIRS, OFFICE OF REGISTRAR OF COMPANIES, NCT OF DELHI & HARYANA 4TH FLOOR, IFCI TOWER, 61, NEHRU PLACE, NEW DELHI -110019 No. ROC/D/Adj Order/Section 135/Comviva/5702-5710 Dated: 27.09.2022 Order for Penalty for Violation of Section 135 of the Companies Act, 2013 IN THE MATTER OF COMVIVA TEC...

Read More

Companies (Corporate Social Responsibility Policy) Amendment Rules, 2022

Corporate social Responsibility is a sense of understanding of the company towards the environment and the society, broadly refers to the work and activities undertaken by corporate towards issues related to social causes and development, environment, disaster relief and community support. As commonly misunderstood, the CSR is not charity...

Read More
Posted Under: Company Law |

Companies (CSR Policy) Amendment Rules, 2022 – Detailed Analysis

The Corporate Social Responsibility (CSR) provisions are governed under Section 135 of the Companies act, 2013 read with the Companies (Corporate Social Responsibility Policy) Rules, 2014 (Rules) and Schedule VII thereto. The Rules, which were last amended by the Ministry of Corporate Affairs (“MCA”) in January, 2021, have been amend...

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Posted Under: Company Law |

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