CSR

Recent updates Related to Companies Compliances that you Must Know

Company Law - Article explains Recent updates Related to Compliance in pursuance of General Circular No. 11 dated 24th March,2020 & General Circular No. 12 dated 30th March,2020, Companies Fresh Start Scheme, 2020 and Revised LLP Settlement Scheme,2020, Clarification on contribution to PM Cares Fund as Eligible CSR Activity, Spending of CSR Funds F...

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Expenditure on COVID-19 is CSR for Companies

Company Law - On 23rd March 2020, the Ministry of Corporate Affairs declared donations by the companies to Prime Minister’s emergency fund set up to fight against the Coronavirus pandemic will qualify as Corporate Social Responsibility (CSR) expenditure....

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Spending of CSR funds for COVID-19

Company Law - Various efforts are being made by the central and state governments to control the spread of COVID-19, commonly known as coronavirus. The task is tough and demands various measures to be taken simultaneously on war footing to control the virus from spreading and graduating from phase one to phase four. Phase four is considered to [&hellip...

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CSR under Companies Act 2013- Overview and Recent Updates

Company Law - Corporate Social Responsibility (CSR) under Companies Act 2013- Concept, Applicability, Provisions, Penalty Corporate social responsibility (CSR) is how companies manage their business processes to produce an overall positive impact on society. It covers sustainability, social impact and ethics, and done correctly should be about core bus...

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CSR- A Genuine need of this time

Company Law - India is the only Country in entire world which has made spending towards CSR mandatory for certain categories of Companies and now considering the present condition where the widely spread novel Corona Virus has already impacted the entire nation...

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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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President to Present National CSR Awards to Select Companies

Company Law - President of India, Shri Ram Nath Kovind, will present the National Corporate Social Responsibility Awards (NCSRA) to select companies for their outstanding contribution in area of Corporate Social Responsibility (CSR) on Tuesday, 29th October, 2019 in New Delhi. ...

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Consider introduction of CSR Compliance Certificate by CS in Practice: ICSI

Company Law - We request you to kindly consider introduction of CSR Compliance Certificate by a Company Secretary in Practice, independent professional and reporting thereof in a dedicated format in form of CSR Compliance Certificate....

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GST liability with respect to goods provided free of cost as CSR

In re M/s. Polycab Wires Pvt. Ltd. (GST AAR Kerala) - Determination of GST liability with respect to goods provided free of cost by the Distributors of M/s. Polycab Wires Private Limited to KSEB for reinstating connectivity in flood ridden areas; and admissibility of input tax credit in relation to such goods. In order to operationalize the commitment ...

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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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Contribution to PM CARES Fund shall qualify as CSR expenditure

eF. No. CSR-05/1/2020-CSR-MCA - (28/03/2020) - The PM-CARES Fund has been set up to provide relief to those affected by any kind of emergency or distress situation. Accordingly, it is clarified that any contribution made to the PM CARES Fund shall qualify as CSR expenditure under the Companies Act 2013....

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Spending of CSR funds for COVID-19 is eligible CSR activity: MCA

General Circular No. 10/2020 - (23/03/2020) - Keeping in view the spread of the Corona Virus (COVID-19) in India, its declaration as pandemic by the World Health Organisation (WHO) and decision of the Government of India to treat this as a notified disaster, the Ministry of Corporate Affairs vide its General Circular No. 10/2020 dated 23rd Marc...

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Draft Companies (CSR Policy) Amendment Rules, 2020 for comments

Notification No. G.S.R...(E) - (13/03/2020) - In order to operationalize the Companies (Amendment) Act, 2019, the Companies (Corporate Social Responsibility Policy) Amendment Rules , 2020 has been drafted for carrying out amendments in the Companies (CSR Policy) Rules, 2014....

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MCA amends CSR Schedule VII of Companies Act, 2013

Notification No. G.S.R. 776(E). - (11/10/2019) - Central Government hereby makes further amendments to Schedule VII of the Companies Act, 2013 which relates to Activities which may be included by companies in their Corporate Social Responsibility Policies....

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MCA amends Schedule VII of Companies Act, 2013

Notification No. 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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Recent Posts in "CSR"

Recent updates Related to Companies Compliances that you Must Know

Article explains Recent updates Related to Compliance in pursuance of General Circular No. 11 dated 24th March,2020 & General Circular No. 12 dated 30th March,2020, Companies Fresh Start Scheme, 2020 and Revised LLP Settlement Scheme,2020, Clarification on contribution to PM Cares Fund as Eligible CSR Activity, Spending of CSR Funds F...

Read More
Posted Under: Company Law |

Expenditure on COVID-19 is CSR for Companies

On 23rd March 2020, the Ministry of Corporate Affairs declared donations by the companies to Prime Minister’s emergency fund set up to fight against the Coronavirus pandemic will qualify as Corporate Social Responsibility (CSR) expenditure....

Read More
Posted Under: Company Law |

Spending of CSR funds for COVID-19

Various efforts are being made by the central and state governments to control the spread of COVID-19, commonly known as coronavirus. The task is tough and demands various measures to be taken simultaneously on war footing to control the virus from spreading and graduating from phase one to phase four. Phase four is considered to [&hellip...

Read More
Posted Under: Company Law |

CSR under Companies Act 2013- Overview and Recent Updates

Corporate Social Responsibility (CSR) under Companies Act 2013- Concept, Applicability, Provisions, Penalty Corporate social responsibility (CSR) is how companies manage their business processes to produce an overall positive impact on society. It covers sustainability, social impact and ethics, and done correctly should be about core bus...

Read More
Posted Under: Company Law |

CSR- A Genuine need of this time

India is the only Country in entire world which has made spending towards CSR mandatory for certain categories of Companies and now considering the present condition where the widely spread novel Corona Virus has already impacted the entire nation...

Read More
Posted Under: Company Law |

Contribution to PM CARES Fund shall qualify as CSR expenditure

eF. No. CSR-05/1/2020-CSR-MCA (28/03/2020)

The PM-CARES Fund has been set up to provide relief to those affected by any kind of emergency or distress situation. Accordingly, it is clarified that any contribution made to the PM CARES Fund shall qualify as CSR expenditure under the Companies Act 2013....

Read More

Distribution of Sanitizers /Masks can be treated as CSR Activity

Many Corporates & Professionals has asked a question ‘Whether amount spent for for prevention or Spread CORONA Virus or CoVID-19 shall be considered as CSR Expense under Section  135 of Companies Act, 2013?’ To clarify the same MCA has issued a clarification on 23rd March, 2020 vide General Circular No. 10/2020, according...

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Posted Under: Company Law |

Spending of CSR funds for COVID-19 is eligible CSR activity: MCA

General Circular No. 10/2020 (23/03/2020)

Keeping in view the spread of the Corona Virus (COVID-19) in India, its declaration as pandemic by the World Health Organisation (WHO) and decision of the Government of India to treat this as a notified disaster, the Ministry of Corporate Affairs vide its General Circular No. 10/2020 dated 23rd March, 2020 has clarified that spending [&he...

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Draft CSR Policy Amendment Rules 2020-: Noteworthy points

Draft Companies (Corporate Social Responsibility Policy) Amendment Rules, 2020 In order to operationalize the Companies (Amendment) Act, 2019, the Companies (Corporate Social Responsibility Policy) Amendment Rules , 2020 has been drafted for carrying out amendments in the Companies (CSR Policy) Rules, 2014. Definitions amended/ newly inse...

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Posted Under: Company Law |

Draft Companies (CSR) Amendment Rules, 2020- An Analysis

Ministry of Corporate Affairs (MCA) has released the Draft Companies (CSR Policy) Amendment Rules, 2020 proposing amendments to Companies (Corporate Social Responsibility Policy) Rules, 2014 for public comments. An attempt has been made to analyse the rules and the changes that are brought out by the said rules vis a vis the rules as are ...

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Posted Under: Company Law |

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