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Company Law : learn about corporate social responsibility under companies act 2013 ....
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CSR expense disallowance is restricted to the expenses incurred by the assessee under a statutory obligation under section 135 of Companies Act 2013, and there is thus now a line of demarcation between the expenses incurred by the assessee on discharging corporate social responsibility under such a statutory obligation and under a voluntary assumption of responsibility.
The Board of a company may decide to undertake its CSR activities approved by the CSR committee, through a registered trust or a registered society or a company established under section 8 of the Act by the company, either singly or alongwith its holding or subsidiary or associate company, or alongwith any other company or holding or subsidiary or associate company of such other company, or otherwise: After providing effect to the amendment suggested by Companies (Corporate Social Responsibility Policy) Amendment Rules, 2015, in the Proviso in clause (i) of Rule 4 Sub Rule 2
Ministry of Corporate Affairs (‘MCA’), on the 23rd of May, 2016 came up with the Companies (Corporate Social Responsibility) Amendment Rules, 2016, with the intent to simplify the language complexity under the earlier Companies (Corporate Social Responsibility) Rules, 2014.
The term ‘Corporate Social Responsibility’ (CSR) literally means the responsibility of Corporate Entities towards society. The origination of CSR was happened long back in ancient India which lasted till 1850 and Charity and Philanthropy were the main drivers of that time.
The Board of a company may decide to undertake its CSR activities approved by the CSR Committee, through (a) a company established under section 8 of the Act or a registered trust or a registered society, established by the company, either singly or alongwith any other company, or (b) a company established under section 8 of the Act or a registered trust or a registered society, established by the Central Government or State Government or any entity established under an Act of Parliament or a State legislature :
Major recommendations of the Committee include, inter-alia, the following: It would be desirable to conduct a review of the CSR provision of the Act after three years. Ceiling on administrative overhead cost should be increased from 5% to not more than 10% of the CSR expenditure. Definition of the term “net profit” used under the Act and Rules need to be clarified
Cost Accounting Standards Board (CASB) releases Exposure Draft of Guidance Note on ‘Treatment of Costs Relating to Corporate Social Responsibility (CSR) Activities ‘. Cost Accounting Standards Board (CASB), the standard-setting body of the Institute, has approved the release of Exposure Draft of Guidance Note on ‘Treatment of Costs Relating to Corporate Social Responsibility (CSR) Activities’ […]
Corporate Social Responsibility is not a new concept. However it has been statutorily recognised when the said provisions came into the picture at the time of advent of much revolutionary emergence of COMPANIES ACT 2013. The statute not only has mandated the spending for society by our so called big business giants but also has made people realized what they actually were forgetting in the race of earnings and maximizing their profits.
♠ ‘Corporate Social Responsibility’ popularly known as ‘CSR’ by itself suggests that it is linked to the responsibility of the Corporate towards social causes. ♠ It is a welcome provision of the Companies Act, 2013 by the Society. ♠ Corporate make an income by operating in a Society
Section 135 of the Companies Act, 2013 and Rules made thereunder prescribe that every company having a net worth of Rs 500 crore or more, or turnover of Rs 1,000 crore or more or a net profit of Rs 5 crore or more during any financial year shall ensure that the company spends, in every financial year at least 2 % of the average net profits made during the three immediately preceding financial years in pursuance of its Corporate Social Responsibility Policy.
