CSR

CSR Penalty Under Companies Act 2013

Company Law - Penalty for non-compliance of CSR provisions under Companies Act, 2013 There is no specific penal provision for non-compliance under section 135 of the Act. However, there is risk exposure under two different provisions. A. Section 134(3)(o)& Section 134(8) (Non-disclosure or absence of the details about the CSR policy and its impleme...

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Corporate Social Responsibility | Section 135 of Companies Act 2013

Company Law - Corporate Social Responsibility or CSR is a business model that company follows to integrate social and environmental concerns in their business operations. CSR is Company’s effort to pay back the stakeholders and public , who contributed in their growth and success. CSR cannot be termed as charity. It is a way to make social good [...

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Corporate Social Responsibility through Registered NGOs

Company Law - Corporate Social Responsibility And Selection Of Organisation (NGOs) For Partnership; 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 ...

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Draft CSR Policy for private companies

Company Law - Corporate bodies’ involvement in CSR activities is not a new concept in India. Industrial majors are engaged in social development activities since long back. However, the Companies Act, 2013 has brought it under the legal purview. ...

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Received CSR notice – File Reply in eForm CFI (CSR)

Company Law - Ministry of Corporate Affairs (#MCA) has issued a new form under the provision of Companies Act, 2013 has issued a new eForm CFI (CSR) to enable the reply towards the CSR Notice received by the Company....

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High Level Committee Constituted on CSR

Company Law - A High Level Committee on Corporate Social Responsibility – 2018 (HLC-2018) has been constituted under the Chairmanship of Shri. Injeti Srinivas, Secretary, Ministry of Corporate Affairs (MCA) to review the existing framework and guide and formulate the roadmap for a coherent policy on Corporate Social Responsibility ( CSR)....

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199 companies face penalty for non-compliance of CSR norms

Company Law - The Government has accorded permission for initiating penal action against 199 companies for non-compliance of provisions of section 135 read with section 134 (3) (o) of the Act. This was stated by Shri P.P. Chaudhary, Minister of State for Corporate Affairs and Law & Justice in the Rajya Sabha today. The Government has no proposal [&...

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CSR is getting mainstreamed through Companies Act 2013

Company Law - The Minister of State (MoS) for Finance and Corporate Affairs, Shri Arjun Ram Meghwal, says Corporate Social Responsibility (CSR) is getting mainstreamed through the Companies Act 2013. This landmark legislation has brought the issue of CSR from back rooms of corporates to their Board rooms ...

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Show cause notices to 1018 companies for violation of CSR norms

Company Law - 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....

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High Level Committee Report on CSR Compliance

Company Law - 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 u...

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Registration U/s. 12AA cannot be denied to trust established to comply CSR obligations

Escorts Skill Development Vs CIT (Exemptions) (ITAT Delhi) - Escorts Skill Development Vs CIT (Exemptions) (ITAT Delhi) Merely because of the fact that the applicant company has been established to comply with the CSR obligations, the registration u/s 12AA of the Act cannot be denied, particularly when CSR activities are also charitable activities as defined ...

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CSR Expenses prior to 1st April 2015 Deductible from Total Income: ITAT

Bengal NRI Complex Ltd. Vs DCIT (ITAT Kolkata) - Bengal NRI Complex Ltd. Vs DCIT (ITAT Kolkata) Since the ‘CSR’ expenses are mandatory for companies incorporated as per the Companies Act, 2013 and the expenditure have been incurred by the assessee as envisaged under the Companies Act, 2013. So we are of the opinion that it has to be allowed an...

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Registration U/s. 12AA cannot be Rejected on the ground that trust formed to carry out CSR activities

Nanak Chand Jain Charitable Trust Vs CIT (ITAT Delhi) - These appeals are filed by the assessee against the orders dated 27/9/20 16 u/s 12AA of the Income Tax Act, 1961 & order dated 28/9/20 16 u/s 80 G(5) (vi) of the Income Tax Act, 1961 passed by the Commissioner of Income Tax (Exemptions), Chandigarh....

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S.12AA Registration cannot be denied to Trust created to carry out CSR Activities

Nanak Chand Jain Charitable Trust Vs. CIT(E) (ITAT Delhi) - Just because the trust has been formed for complying CSR requirements it cannot per se be the reasons for denying registration under Section 12AA of the Income Tax Act. ...

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Voluntary CSR Expense allowable as business expenditure

ACIT vs. Jindal Power Limited (ITAT Raipur) - 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 ...

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MCA amends Schedule VII of Companies Act, 2013

G.S.R.390(E). - (30/05/2019) - Central Government hereby makes the following further amendments to Schedule VII of the said Act, namely:- In the said Schedule VII, after item (xi) and the entries relating thereto, the following item and entries shall be inserted, namely:-...

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Extension of Tenure of High Level Committee on CSR-2018

General Circular No. 02/2019 - (08/03/2019) - The High Level Committee on Corporate Social Responsibility, 2018 was constituted under the Chairmanship of Secretary, Ministry of Corporate Affairs vide OM of even no. dated 22.11.2018 to review the existing framework and formulate a coherent policy on Corporate Social Responsibility....

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Re-Constitution and Re-naming of Advisory Group of NFCSR

Order No. 11/02/2018-CSR - (07/01/2019) - Re-Constitution and Re-naming of Advisory Group of National Foundation for Corporate Social Responsibility (NFCSR) as Governing Council, NFCSR...

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Re-Constitution of Steering Committee of National Foundation for CSR

Order No. 11/ 02/ 2018-CSR - (07/01/2019) - Pursuant to the approval of Hon'ble Minister of Corporate Affairs, a restructured Steering Committee of National Foundation for Corporate Social Responsibility (NFCSR) is hereby constituted to prepare a roadmap, oversee the functioning and steer the activities of NFCSR for providing policy inputs an...

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Re-Constitution of High Level Committee on CSR 2018

High Level Committee on Corporate Social Responsibility — 2018 (HLC-2018) is hereby re-constituted under the Chairmanship of Shri. Injeti Srinivas, Secretary, Ministry of Corporate Affairs (MCA) to review the existing framework and guide and formulate the roadmap for a coherent policy on CSR....

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Recent Posts in "CSR"

CSR Penalty Under Companies Act 2013

Penalty for non-compliance of CSR provisions under Companies Act, 2013 There is no specific penal provision for non-compliance under section 135 of the Act. However, there is risk exposure under two different provisions. A. Section 134(3)(o)& Section 134(8) (Non-disclosure or absence of the details about the CSR policy and its impleme...

Read More
Posted Under: Income Tax |

Registration U/s. 12AA cannot be denied to trust established to comply CSR obligations

Escorts Skill Development Vs CIT (Exemptions) (ITAT Delhi)

Escorts Skill Development Vs CIT (Exemptions) (ITAT Delhi) Merely because of the fact that the applicant company has been established to comply with the CSR obligations, the registration u/s 12AA of the Act cannot be denied, particularly when CSR activities are also charitable activities as defined under the Act. FULL TEXT OF THE ITAT JUD...

Read More

MCA amends Schedule VII of Companies Act, 2013

G.S.R.390(E). (30/05/2019)

Central Government hereby makes the following further amendments to Schedule VII of the said Act, namely:- In the said Schedule VII, after item (xi) and the entries relating thereto, the following item and entries shall be inserted, namely:-...

Read More

Draft Acknowledgement letter by Trust to Company in Case of CSR

Draft Acknowledgement letter by Trust to Company On the letter head of the Trust Date... To, ABC Ltd, Address Sub: A BIG THANKS FOR YOUR GRATITUDE Dear Sir, We acknowledge with grateful thanks your kind donation of Rupees …………….vide Cheque No…………….. dated………R...

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Posted Under: Income Tax |

Corporate Social Responsibility | Section 135 of Companies Act 2013

Corporate Social Responsibility or CSR is a business model that company follows to integrate social and environmental concerns in their business operations. CSR is Company’s effort to pay back the stakeholders and public , who contributed in their growth and success. CSR cannot be termed as charity. It is a way to make social good [...

Read More
Posted Under: Income Tax |

Corporate Social Responsibility through Registered NGOs

Corporate Social Responsibility And Selection Of Organisation (NGOs) For Partnership; 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 ...

Read More
Posted Under: Income Tax |

Extension of Tenure of High Level Committee on CSR-2018

General Circular No. 02/2019 (08/03/2019)

The High Level Committee on Corporate Social Responsibility, 2018 was constituted under the Chairmanship of Secretary, Ministry of Corporate Affairs vide OM of even no. dated 22.11.2018 to review the existing framework and formulate a coherent policy on Corporate Social Responsibility....

Read More

CSR Expenses prior to 1st April 2015 Deductible from Total Income: ITAT

Bengal NRI Complex Ltd. Vs DCIT (ITAT Kolkata)

Bengal NRI Complex Ltd. Vs DCIT (ITAT Kolkata) Since the ‘CSR’ expenses are mandatory for companies incorporated as per the Companies Act, 2013 and the expenditure have been incurred by the assessee as envisaged under the Companies Act, 2013. So we are of the opinion that it has to be allowed and we take note […]...

Read More

Draft CSR Policy for private companies

Corporate bodies’ involvement in CSR activities is not a new concept in India. Industrial majors are engaged in social development activities since long back. However, the Companies Act, 2013 has brought it under the legal purview. ...

Read More
Posted Under: Income Tax |

Re-Constitution and Re-naming of Advisory Group of NFCSR

Order No. 11/02/2018-CSR (07/01/2019)

Re-Constitution and Re-naming of Advisory Group of National Foundation for Corporate Social Responsibility (NFCSR) as Governing Council, NFCSR...

Read More

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