CSR

Failure of CSR in India

Company Law - Corporate Social Responsibility is no longer a mere slogan or an idea. It has grown to become one of the most important indicators of a company’s responsibility towards the social growth. It has become indispensable for various firms to demonstrate such activities....

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Impact of Companies Amendment Act, 2020 on formation of CSR Committee

Company Law - Prior to Companies Amendment Act, 2020 As per Section 135, Companies having net worth of rupees five hundred crore or more, or turnover of rupees one thousand crore or more or a net profit of rupees five crore or more during the immediately preceding financial year were required to constitute a Corporate Social Responsibility Committee [&...

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Accounting for Corporate Social Responsibility (CSR) Expenditure

Company Law - The Companies Act 2013 introduced provisions related to fulfillment of Corporate Social Responsibility by certain companies (net worth Rs. 500 crores or more; or Turnover Rs. 1000 crores or more; or Net Profit of Rs. 5 crores or more) by making certain eligible expenditures/ payments. Once companies cross the threshold limit for CSR, they...

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CSR Provision under Companies Act 2013 with latest case laws decided by NCLT

Company Law - CORPORATE SOCIAL RESPONSIBILITY UNDER THE COMPANIES ACT, 2013 For conducting its business activities, a company exploits various resources of the society and the environment. Corporate Social Responsibility (CSR) is an act of incorporating the social and environmental concerns into the business model of the company. CSR is not a voluntary...

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Opportunity to serve society: Corporate Social Responsibility (CSR)

Company Law - Corporate Social responsibility (CSR) is continuing commitment by businesses to integrate social and environmental concerns in their business operations. India became the first country to legislate the need to undertake CSR activities and mandatorily report CSR initiatives under the new Companies Act 2013. Prior to Companies Act 201...

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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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CSR is a true manifestation of Bapu’s Trusteeship Philosophy: President of India

Company Law - CSR is a true manifestation of Bapu’s Trusteeship Philosophy: President of India. President of India Confers First National Corporate Social Responsibility (CSR) Awards for outstanding contributions in the area of CSR. Companies indulged in CSR activities are wealth creators, says Finance Minister...

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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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SC Refuses to transfer Money from PM CARES Fund to NDRF

Centre for Public Interest Litigation Vs Union of India (Supreme Court) - The issue under consideration is whether the Supreme court will grant permission for transferring the money collected in PM Cares fund to the National Disaster Relief Fund?...

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CSR expense Eligible for Section 80G Deduction on fulfilling conditions

Goldman Sachs Services Pvt. Ltd. Vs JCIT (ITAT Bangalore) - The issue under consideration is whether CSR is also eligible for deduction u/s 80G of the Act subject to assessee satisfying the requisite conditions prescribed for deduction u/s 80G?...

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SC dismisses plea challenging exclusion of CM Relief Fund from CSR

Mahua Moitra Vs Union of India (Supreme Court of India) - The Supreme Court dismissed the petition filed by the assessee challenging decision of Central Government to excluding Chief Minister’s Relief Fund from the purview of Corporate Social Responsibility (CSR)....

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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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Contribution for R&D activities-More entities covered in CSR

Notification No. G.S.R. 525(E) - (24/08/2020) - MCA amends Schedule VII of Companies Act, 2013  and to include more entities in engaged in research and development to whom contribution will fbe treated as Contribution for Corporate Social Responsibility (CSR) Activities as required under Section 135 of Companies Act, 2013. Same is done by substi...

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Clarification on CSR contribution to PM CARES Fund

General Circular No. 25/2020  - (25/06/2020) - In view of the amendment in Schedule VII of the Companies Act, 2013 vide gazette notification no. G.S.R. 313(E) dated 26th May, 2020, deemed to have come into force on 28th March 2020, the Office Memorandum No. CSR-05/1/2020-CSR_MCA dated 28.03.2020 is redundant and hence stands superseded....

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Measures for benefit of CAPF & CPMF veterans & their family included in CSR

Notification No. G.S.R. 399(E) - (23/06/2020) - MCA amends Clause (vi) of CSR Schedule VII of Companies Act 2013 to includes measures for the benefit of Central Armed Police Forces (CAPF) and Central Para Military Forces (CPMF) veterans, and their dependents including widows vide Notification No. G.S.R. 399(E) dated 23rd, June 2020. MINISTRY OF C...

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MCA includes ‘PM CARES Fund’ in CSR Schedule VII

Notification No. G.S.R. 313(E) - (26/05/2020) - MCA notifies PM CARES as eligible to receive CSR Corpuses of corporates as it amends Schedule VII of Companies Act, 2013 vide Gazette Notification dated 26th May, 2020 and included Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund) in Corporate Social Resp...

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Recent Posts in "CSR"

Failure of CSR in India

Corporate Social Responsibility is no longer a mere slogan or an idea. It has grown to become one of the most important indicators of a company’s responsibility towards the social growth. It has become indispensable for various firms to demonstrate such activities....

Read More
Posted Under: Company Law |

Impact of Companies Amendment Act, 2020 on formation of CSR Committee

Prior to Companies Amendment Act, 2020 As per Section 135, Companies having net worth of rupees five hundred crore or more, or turnover of rupees one thousand crore or more or a net profit of rupees five crore or more during the immediately preceding financial year were required to constitute a Corporate Social Responsibility Committee [&...

Read More
Posted Under: Company Law |

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 prior […]...

Read More

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...

Read More

Introduce CSR Compliance Certificate: ICSI requests MCA

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....

Read More
Posted Under: Company Law |

SC Refuses to transfer Money from PM CARES Fund to NDRF

Centre for Public Interest Litigation Vs Union of India (Supreme Court)

The issue under consideration is whether the Supreme court will grant permission for transferring the money collected in PM Cares fund to the National Disaster Relief Fund?...

Read More

Accounting for Corporate Social Responsibility (CSR) Expenditure

The Companies Act 2013 introduced provisions related to fulfillment of Corporate Social Responsibility by certain companies (net worth Rs. 500 crores or more; or Turnover Rs. 1000 crores or more; or Net Profit of Rs. 5 crores or more) by making certain eligible expenditures/ payments. Once companies cross the threshold limit for CSR, they...

Read More
Posted Under: Company Law |

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 research and development activity of new vacc...

Read More

Contribution for R&D activities-More entities covered in CSR

Notification No. G.S.R. 525(E) (24/08/2020)

MCA amends Schedule VII of Companies Act, 2013  and to include more entities in engaged in research and development to whom contribution will fbe treated as Contribution for Corporate Social Responsibility (CSR) Activities as required under Section 135 of Companies Act, 2013. Same is done by substituting item (ix) of Schedule VII of Comp...

Read More

CSR expense Eligible for Section 80G Deduction on fulfilling conditions

Goldman Sachs Services Pvt. Ltd. Vs JCIT (ITAT Bangalore)

The issue under consideration is whether CSR is also eligible for deduction u/s 80G of the Act subject to assessee satisfying the requisite conditions prescribed for deduction u/s 80G?...

Read More

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