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 It was highlighted that outdated informati...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...
Corporate Social Responsibility (CSR) checklist as per CSR Policy Amendment Rules, 2021 explains nature of Compliance as required CSR Policy Rules, 2014, Due date of Compliance, Description of CSR Compliance and Remarks related to Compliance. Article also contains Format for the Annual Report on CSR Activities to Be Included in the Board’s Report Corporate Social […]
A glance towards latest reforms in corporate social Responsibilty -The concept of Corporate Social Responsibility (CSR) is introduced in India by the Companies Act, 2013, initially this concept was voluntary but The Companies (Amendment) Act, 2020 and Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021 imposed mandatory requirement upon companies to comply with CSR obligations. […]
The importance of Corporate Social Responsibility (hereafter referred as CSR) was much more defined in the new Company Law of 2013 in comparison to the erstwhile Companies Act where there was no specified provision for the same. With the enactment of the Companies Act 2013 by the Ministry of Corporate Affairs Government of India, the […]
The Hon’ble AAR, Uttar Pradesh in the matter of M/S. Dwarikesh Sugar Industries Limited [Order No. 52, dated January 22, 2020] held that expenses incurred towards Corporate Social Responsibility (CSR) by the Company in order to comply with requirements under the Companies Act, 2013 (Companies Act) qualify as being incurred in the course of business […]
Whenever any violation of CSR provisions is reported, action against such non-compliant Companies are initiated as per provisions of the Act after due examination of records and following due process of law.
The purpose of CSR is to ensure that corporates give back to the community as they are using the social resources. CSR is extremely important for sustainable development of all stakeholders. India is the only country which has regulated and mandated CSR for some select categories of companies registered under the companies act. The CSR […]
MCA has notified Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021 on 22nd January, 2021 Every entity who is covered under these rules, shall undertake any CSR activity through itself or through – ♦ Section 8 Company ♦ Registered Public Trust under Section 12A and 80G of Income Tax Act, 1961 ♦ Registered Society under […]
NTPC Electric Supply Company Ltd. Vs ITO (ITAT Delhi) The facts in brief are that the assessee-company is a wholly owned subsidiary company of NTPC Ltd., a government undertaking with the objective to make foray in supply and distribution of electricity. It was entrusted with rural electrification work under the scheme of Central Government. The […]
CSR Policy – A statement containing the approach and direction given by the board of a company, taking into account the recommendations of its CSR Committee, and includes guiding principles for selection, implementation and monitoring of activities as well as formulation of the annual action plan;
APPLICABILITY CORPORATE SOCIAL RESPONSIBILITY As per Section 135 (1) following companies in immediately preceding Financial Year: > Having net-worth of Rs. 500 Crores or; > Having Turnover of Rs. 1000 Crores or; > Having net profit of Rs. 5 Crores shall constitute a Corporate Social Responsibility Committee of the Board consisting of three or more […]
