Company Law : Explains Directors’ Report requirements under the Companies Act, 2013, including AOC-1, AOC-2, CSR disclosures, applicability, s...
Company Law : New MCA amendments permit companies to deploy a portion of CSR funds through Zero Coupon Zero Principal instruments listed on the ...
Corporate Law : The article questions whether tree-planting claims linked to IPL dot balls are supported by verifiable evidence. It highlights the...
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 : The MCA has widened CSR eligibility by recognizing subscriptions to Zero Coupon Zero Principal Instruments as a valid CSR activity...
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 It was highlighted that outdated informati...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...
Income Tax : ITAT Delhi held that disallowance of CSR expenditure under Section 37(1) does not prevent Section 80G deduction for eligible donat...
Income Tax : ITAT Delhi held that disallowance of CSR expenditure under Section 37(1) does not bar Section 80G deduction for eligible donations...
Income Tax : ITAT Delhi held that eligible CSR donations can qualify for Section 80G deduction despite disallowance under Section 37(1) and rem...
Income Tax : ITAT Mumbai held that eligible CSR donations qualify for Section 80G deduction if statutory conditions are met, despite disallowan...
Income Tax : The ITAT held that depreciation on goodwill arising from amalgamation could not be disallowed in subsequent years after it had bee...
Company Law : ROC Chhattisgarh imposed Section 450 penalties for non-filing of Form CSR-2, while not attributing liability to one director....
Company Law : ROC Cuttack held that responsibility for inaccurate information in e-forms rests with the authorised signatory and certifying prof...
Company Law : MCA amends Schedule VII of the Companies Act to include subscription to zero coupon zero principal instruments on Social Stock Exc...
Company Law : MCA has amended the CSR Rules to recognize zero coupon zero principal instruments issued by Social Stock Exchange-listed NPOs. The...
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...
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.
Section 135 of the Companies Act, 2013, Schedule VII of the Act and Companies CSR Policy Rules, 2014 read with General Circular No. 21/2014, Dated: 18th June, 2014 issued by the Ministry of Corporate Affairs, provide the broad contour within which eligible Companies are required to formulate their CSR policies including activities to be undertaken and implement the same in the right earnest.
Section 135 of the Companies Act, 2013, Schedule VII of the Act and Companies CSR Policy Rules, 2014 read with General Circular dated 18.06.2014 issued by the Ministry of Corporate Affairs, provide the broad contour within which eligible Companies are required to formulate their CSR policies including activities to be undertaken and implement the same in the right earnest.
