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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....
Read MoreCompany 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 [&...
Read MoreCompany 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...
Read MoreCompany 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...
Read MoreCompany 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...
Read MoreCompany 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....
Read MoreCompany 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 […]...
Read MoreCompany 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....
Read MoreCompany 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 ...
Read MoreCompany 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...
Read MoreVedanta 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 ...
Read MoreACIT 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 MoreCentre 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 MoreGoldman 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 MoreMahua 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)....
Read MoreNotification 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...
Read MoreNotification 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...
Read MoreGeneral 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....
Read MoreNotification 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...
Read MoreNotification 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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Vedanta Ltd. Vs ACIT (ITAT Delhi) -
ACIT Vs Eastern Coalfields Ltd. (ITAT Kolkata): ITA No. 890 & 891/Kol/2019 -
Centre for Public Interest Litigation Vs Union of India (Supreme Court) -
Notification No. G.S.R. 526(E) - (24/08/2020) -
Notification No. G.S.R. 525(E) - (24/08/2020) -
Goldman Sachs Services Pvt. Ltd. Vs JCIT (ITAT Bangalore) -
