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In Companies Act 2013, there is provision for Corporate Social Responsibility under Section 135 of Companies Act 2013. By following provision of the CSR, companies are giving something back to society.
Show cause notices have been issued to 1018 companies for 2014-15 for violation of Section 135 read with Section 134(3) (o) of the Companies Act, 2013.
CS Deepak Pratap Singh We Indians have charity inherited in our heart, we have grown by seeing that our fathers’ and forefathers’ are donating in various temples, mosques, gurudwaras and churches. We are donating or doing philanthropic works without knowing that , who is the true beneficiary of our donation or charity. The fact if […]
With the introduction of Corporate Social Responsibility provisions, many corporate consider this provision to be a burden on them.
Out of 10475 eligible companies, 7334 have reported as of 31st January 2016. Out of these reporting companies only 3139 have done some expenditure on CSR.
Give and take is a way of getting things done in a desired manner. When we give something, we expect something. A mom dictating a child to finish her homework gets a likely response If I will finish this, will you give me a chocolate? Similar was the expectation of the corporates regarding the allowance of expenditure incurred for fulfilling their social responsibilities as per the mandate of the Companies Act, 2013.
The objective of the Corporate Social Responsibility Committee of the Board of Directors the Company shall be to assist the Board and the Company in fulfilling its corporate social responsibility
While there may be no single universally accepted definition of Corporate Social Responsibility (CSR), each definition that currently exists underpins the impact that businesses have on society at large and the societal expectations of them. Although the roots of CSR lie in philanthropic activities
Since the Ministry of Corporate Affairs is keen to move its attitude towards social development, they inserted a welcome provision of “CORPORATE SOCIAL RESPONSIBILITY” wide section no. 135 in new companies act, 2013.
Following Expenditure are not treated as a CSR i) Any amount Contributed to political party is not treated as a CSR. (ii) Any project/Programme which benefits the employees or their family is not treated as CSR. (iii)Any activity undertaken by company during the normal course of business is not treated as CSR.
