CSR

Corporate Social Responsibility Rules 2021 – Compliance Checklist

Company Law - ♦ Section 135 r/w Schedule VII of the Companies Act, 2013 (2013 Act) introduces the concept of Corporate Social Responsibility (CSR) as a statutory obligation of companies. Further, Companies (Corporate Social Responsibility Policy) Rules, 2014 (CSR Rules 2014) deal with the CSR norms in detail. Vide notifications and/or amendments, mor...

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Amendment in Corporate Social Responsibility Rules – A step towards certainty

Company Law - Companies Act, 2013 ("Act") mandated for Corporate Social Responsibility and formally introduced it to the dashboard of the Boards of Indian companies. Section 135 of the Act read with Companies (CSR) Policy Rules, 2014, provided a robust framework for companies to partner in contributing to the country’s development challenges through ...

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CSR Policy & Provision- Recent Changes & Amendments

Company Law - CSR Policy & Provisions (Under the Companies Act 2013) Recent Changes & Amendments 2021 Corporate Social Responsibility (CSR) The concept of CSR rests on the ideology of ‘GIVE AND TAKE’ CSR is a concept whereby companies not only consider their profitability and growth, but also the interest of society and the environment by t...

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Corporate Social Responsibility (CSR) – SOP

Company Law - CORPORATE SOCIAL RESPONSIBILITY (CSR) – STANDARD OPERATING PROCEDURE (SOP) CSR – Corporate Social Responsibility Governing provisions: Section 135 of Companies Act, 2013 read with The Companies (Corporate Social Responsibility Policy) Rules, 2014 as amended thereto. Important definition/terms: 1. Threshold limits of the previous f...

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Companies (CSR Policy) Amendment Rules, 2021-Analysis

Company 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. On 22nd January, 2021 The Companies (Corporate Social Responsibilities Policies) Amendment Rules, 2020 (CSR Amendment Rules, 2020) were notified alte...

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ICAI Releases Handbook on Audit of CSR Activities

Company Law - Handbook on Audit of CSR Activities, has been published by the ICAI in an effort to guide the members in meeting the expectations of the professionals and the stakeholders in this respect. ...

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Introduce CSR Compliance Certificate: ICSI requests MCA

Company Law - It is proposed that CSR Compliance Certificate, by an independent professional, should be introduced, which should cover all the aspects of CSR provisions as provided ,under the Act and the Rules. A draft Compliance Certificate covering each and every aspect is given at 'Annexure B....

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CSR Funds can be used to fight Coronavirus

Company Law - The world is at a crisis situation. We are going through a pandemic with far reaching effects not seen by anyone living today. There are thousands of people dying all over the world and the numbers may soon reach lakhs. The effect is not only on the lives and health of the people, but also […]...

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Invitation of Nominations for National CSR Awards 2020

Company Law - Ministry of Corporate Affairs, Government of India has instituted National Corporate Social Responsibility (CSR) Awards to recognize companies that have made a positive impact on the society through their innovative & sustainable CSR initiatives....

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Sanctioned for prosecution given to 366 cases in violation of CSR norms

Company Law - Whenever any violation of Corporate Social Responsibility (CSR) provisions is reported, action against such non-compliant Companies are initiated as per provisions of Companies Act, 2013 after due examination of records. So far, sanction for prosecution has been accorded in 366 cases. All CSR related offences are compoundable. So far 118 ...

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ITAT explains CSR expenditure Allowability under section 37

Add. CIT Vs Rites Limited (ITAT Delhi) -  Addl. CIT Vs Rites Limited (ITAT Delhi) AO has disallowed claim of the assessee company qua CSR expenditure by misinterpreting the provisions contained under section 37(1) of the Act by observing that since CSR expenditure is not incurred for the purpose of carrying on the business, such expenditu...

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CSR expense allowable till assessment year 2014-15

Hindustan Tin Works Ltd. Vs DCIT (ITAT Delhi) - Hindustan Tin Works Ltd. Vs DCIT (ITAT Delhi) The Explanation -2 has been inserted below the section 37 (1) of the Act with effect from 01/04/2015 i.e. assessment year 2015-16. According to the said Explanation, corporate social responsibility expenditure incurred shall not be deemed to be incurred ...

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CSR expenses incurred before 01.04.2015 deductible as business expenses

Garden Reach Ship Builders & Engineers Ltd. Vs PCIT (ITAT Kolkata) - The amendment brought about by way of Explanation 2 to section 37 by Finance Act, 2014, was only with effect from 01.04.2015. ITAT held that the amendment in question is not retrospective. Expenditure incurred in CSR in accordance with guidelines issued by the Govt. of India is allowable as a deduc...

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Payments to church, police station, summits, schools, etc are not CSR expense

Vedanta Ltd. Vs ACIT (ITAT Delhi) - Vedanta Ltd. Vs ACIT (ITAT Delhi) At the very outside, the Tribunal in the case of National Small Industries Corporation Limited 175 ITD 601 has held that amendments made to section 37 of the Act vide Finance Act [No. 2] 2014 are prospective in nature and hence would not be applicable to the period ...

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CSR expense of Company Prior to 01.04.2015 cannot be disallowed

ACIT Vs Eastern Coalfields Ltd. (ITAT Kolkata): ITA No. 890 & 891/Kol/2019 - Amendment in section 37(1) of the Act has been introduced w.e.f. 1st April, 2015 and does not apply on the facts of the case and the disabling provision as stated in Explanation 2 to section 37(1) refers only to such corporate social responsibility expenditure as u/s. 135 of the Companies Act, 2013...

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MCA notifies amendment to Companies Act, 2013 wef 22.01.2021

Notification No. S.O. 325(E). - (22/01/2021) - Central Government hereby appoints the 22nd day of January, 2021 as the date on which the following provisions of the said Act shall come into force, namely:-...

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Amendment to Section 135 of Companies Act, 2013 wef 22.01.2021

Notifications No. S.O. 324(E) - (22/01/2021) - MCA notifies 22nd day of January, 2021 as the date on which the provisions of section 21 of Companies (Amendment) Act, 2019 shall come into force. Section 21 deals with Amendment of section 135 of Companies Act, 2013 related to Corporate Social Responsibility. Also Read – Companies (Corporate ...

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Companies (CSR Policy) Amendment Rules, 2021

Notification No. G.S.R. 40(E). - (22/01/2021) - (1) These rules may be called the Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021. (2) They shall come into force on the date of their publication in the Official Gazette unless explicitly provided elsewhere in this notification....

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Spending on CSR for COVID-19 Vaccination public outreach is valid CSR activity

General Circular No. 01/2021 - (13/01/2021) - Spending of CSR funds for carrying out awareness campaigns/programmes or public outreach campaigns on COVID-19 Vaccination programme is an eligible CSR activity...

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R&D for Covid vaccine, drugs & medical devices included in CSR

Notification No. G.S.R. 526(E) - (24/08/2020) - Companies (Corporate Social Responsibility Policy) Amendment Rules, 2020 MCA notifies following activities as CSR Activity Provided that any company engaged in research and development (R&D) activity of new vaccine, drugs and medical devices in their normal course of business may undertake resea...

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Recent Posts in "CSR"

Corporate Social Responsibility Rules 2021 – Compliance Checklist

♦ Section 135 r/w Schedule VII of the Companies Act, 2013 (2013 Act) introduces the concept of Corporate Social Responsibility (CSR) as a statutory obligation of companies. Further, Companies (Corporate Social Responsibility Policy) Rules, 2014 (CSR Rules 2014) deal with the CSR norms in detail. Vide notifications and/or amendments, mor...

Read More
Posted Under: Company Law |

Amendment in Corporate Social Responsibility Rules – A step towards certainty

Companies Act, 2013 ("Act") mandated for Corporate Social Responsibility and formally introduced it to the dashboard of the Boards of Indian companies. Section 135 of the Act read with Companies (CSR) Policy Rules, 2014, provided a robust framework for companies to partner in contributing to the country’s development challenges through ...

Read More
Posted Under: Company Law |

CSR Policy & Provision- Recent Changes & Amendments

CSR Policy & Provisions (Under the Companies Act 2013) Recent Changes & Amendments 2021 Corporate Social Responsibility (CSR) The concept of CSR rests on the ideology of ‘GIVE AND TAKE’ CSR is a concept whereby companies not only consider their profitability and growth, but also the interest of society and the environment by t...

Read More
Posted Under: Company Law |

Corporate Social Responsibility (CSR) – SOP

CORPORATE SOCIAL RESPONSIBILITY (CSR) – STANDARD OPERATING PROCEDURE (SOP) CSR – Corporate Social Responsibility Governing provisions: Section 135 of Companies Act, 2013 read with The Companies (Corporate Social Responsibility Policy) Rules, 2014 as amended thereto. Important definition/terms: 1. Threshold limits of the previous f...

Read More
Posted Under: Company Law |

Companies (CSR Policy) Amendment Rules, 2021-Analysis

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. On 22nd January, 2021 The Companies (Corporate Social Responsibilities Policies) Amendment Rules, 2020 (CSR Amendment Rules, 2020) were notified alte...

Read More
Posted Under: Company Law |

Highlights of (Corporate Social Responsibility Policy) Amendment Rules, 2021

The Central Government vide Gazette notification dated January 22, 2021 has introduced Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021. Corporate Social Responsibility (CSR) means the activities undertaken by a Company in pursuance of its statutory obligation laid down in section 135 of the Act in accordance with...

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Posted Under: Company Law |

An Overview of Companies (CSR Policy) Amendment Rules 2021

1. The Ministry of Company Affairs ‘ MCA’ vide Companies (CSR Policy) Amendment Rules 2021 shifted CSR spending mandatory from the voluntary. In this article, an attempt has been made to cover all the amendments read with statutory provisions under section 135 of Companies Act, 2013. 2. EFFECTIVE DATE – [Rule 1(2)]: The ...

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Posted Under: Company Law |

Analysis of recent amendment in CSR Rules & Provisions

1. Brief Background a) The Company law in India mandates certain category of companies to carry out Corporate Social Responsibility (CSR) activities mandatorily. Section 135 of the Companies Act, 2013 enlists the companies which are mandatorily required to comply with the CSR requirements, which are: i. Net worth of Rs. 500 crore or more,...

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Posted Under: Company Law |

ITAT explains CSR expenditure Allowability under section 37

Add. CIT Vs Rites Limited (ITAT Delhi)

 Addl. CIT Vs Rites Limited (ITAT Delhi) AO has disallowed claim of the assessee company qua CSR expenditure by misinterpreting the provisions contained under section 37(1) of the Act by observing that since CSR expenditure is not incurred for the purpose of carrying on the business, such expenditure cannot be allowed under the existing ...

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Highlights of Corporate Social Responsibility (CSR) Amendments

Ministry of Corporate Affairs (MCA) has amended the CSR provisions by notifying the following w.e.f. 22.01.2021: a. The Companies [Corporate Social Responsibility (CSR) Policy] Amendment Rules, 2021. b. Section 27 of the Companies (Amendment) Act, 2020. c. Section 21 of the Companies (Amendment) Act, 2019. Key highlights of these amendmen...

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Posted Under: Company Law |

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