Corporate Law : India transformed CSR into a statutory obligation under Section 135. This shift raises key questions on its role in governance and...
Company Law : A comprehensive guide to applicability, 2% spending rule, governance structure, compliance requirements, and penalties under Secti...
Company Law : Understand CSR obligations under Section 135, including eligibility, expenditure, and reporting. Key takeaway: Proper CSR complian...
Company Law : Explains the strict consequences for failing to meet CSR spending and transfer obligations under Section 135. Highlights how penal...
Company Law : Section 135 mandates companies above certain thresholds to spend 2% of profits on social initiatives, establish CSR committees, an...
Company Law : The issue concerns the inability to update trust details in CSR-1 registration records. It was highlighted that outdated informati...
Company Law : Public and private companies in Bihar increasingly invest in CSR, with key districts receiving substantial social development fund...
Company Law : The Ministry of Corporate Affairs confirms that CSR expenditure data for the last five years is publicly available on its CSR port...
Company Law : Government penalized companies for CSR non-compliance under the Companies Act. Details of penalties, CSR spending, and fund transf...
Company Law : Overview of proposed amendments in the Companies Act, 2013, CSR monitoring framework, and steps to ensure compliance and prevent m...
Income Tax : The ITAT held that CSR expenditure disallowed as business expenditure under Section 37(1) can still qualify for deduction under Se...
Income Tax : The issue was whether CSR expenditure disallowed under Section 37(1) can still qualify under Section 80G. The Tribunal held that b...
Income Tax : The Court held that reassessment based solely on an audit objection is invalid as it constitutes a change of opinion. It emphasize...
Income Tax : ITAT held that CSR contributions can qualify for deduction under Section 80G if conditions are met. The ruling clarifies that ther...
Income Tax : ITAT held that revision under Section 263 cannot be invoked when the Assessing Officer has already examined the issue. The ruling ...
Company Law : ROC Haryana ruled that non-transfer of unspent CSR amount within six months from the close of the financial year constituted a vio...
Company Law : ROC Kolkata penalized a company and its directors for delayed transfer of unspent CSR funds to the Swachh Bharat Kosh. The order h...
Company Law : The authority penalized the company for failing to transfer unspent CSR funds within the statutory deadline. It held that delayed ...
Company Law : The authority penalized the managing director for wrongly declaring CSR as not applicable in financial filings. It held that signa...
Company Law : The adjudicating authority penalised a company for not spending mandatory CSR funds and failing to transfer unspent amounts on tim...
How a Non-Governmental Organization (NGO) can Increase the Chances of it’s Success with CSR Funding Many NGOs are working at the grassroots level to provide actual benefits to society, but only a small percentage of them are able to obtain CSR funds. The fact that NGOs are unable to adequately present their projects and what […]
Despite the growth and popularity of CSR in recent years, CSR programs and CSR efforts have not been able to have the desired impact on the country’s backward areas as they have been limited by financial challenges faced in reaching out to corporates to showcase what they’re doing. A number of NGOs and other non-profit […]
Introduction: Sec 135 of the Companies Act prescribes certain criteria for mandatory CSR expenditure. If company fulfils any of the prescribed criteria, then it needs to constitute a CSR committee of Board which shall formulate and recommend CSR policy to spend at least 2% of the average net profit of the immediately preceding 3 FYs. […]
ITC on CSR It has been 4 years since GST came into force, yet there is no clarity with respect to certain major issues, one of which is availment of Input Tax Credit on Corporate Social responsibility. After inception of GST, multiple advance rulings have been sought in respect of ITC on CSR expenditure but […]
Corporate Social Responsibility is a management concept whereby companies integrate social and environmental concerns in their business operations and interactions with their stakeholders and the public. Benefits The benefits of CSR are many. Companies establish good reputations, attract positive attention, save money through operational efficiency, minimize environmental impacts, attract top talent and inspire innovation. Applicability 1. […]
As per recent press release on pib.gov.in on 10th August, 2021 in respect of ‘MCA amends Schedule III of Companies Act on disclosure norms in financial statements‘ As MCA by amendment in Rules of Schedule III on 24th march 2021 has already made lot of amendments in Schedule III of Companies Act, 2013. Schedule III […]
Section 135(1) of the Companies Act,2013 mandates that 1. Every Company, its holding Company, its subsidiary Company 2. Foreign Company having branch office or project office in India having net worth of INR 500 Crore or more, turnover of INR 1000 Crore or more, or a net profit of INR 5 crore or more during […]
Where the Company has traded or invested in Crypto currency or Virtual Currency during the financial year, the following shall be disclosed:- a. profit or loss on transactions involving Crypto currency or Virtual Currency b. amount of currency held as at the reporting date, c. deposits or advances from any person for the purpose of trading or investing in Crypto Currency/virtual currency.
AAR held that, no Input Tax Credit (ITC) would be available for Corporate Social Responsibility (CSR) activities excluded from normal course of business.
Amendment of CSR Policy and Formulation of CSR Annual Action Plan under Companies Act, 2013 The concept of CSR (Corporate Social Responsibility) was introduced under the Companies Act, 2013 with the enforcement of Section 135 under the Act. Companies have certain responsibilities towards the stakeholders including the society in which it operates. Thus, the companies […]
