CSR

Form CSR-1 & related ROC Compliance

Company Law - FORM NO. CSR-1 is issued Pursuant to section 135 of the Companies Act, 2013 and Rule 4(1) and (2) of Companies (CSR Policy) Rules, 2014 for Registration of Entities for undertaking CSR Activities. In accordance with the Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021, company can undertake CSR activities either it...

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Corporate Social Responsibility (CSR) Amendment- Section 135

Company Law - CORPORATE SOCIAL RESPONSIBILITY AMENDMENT UTILIZATION OF UNSPENT AMOUNT ON CSR ACTIVITIES (OTHER THAN ONGOING PROJECTS) [SECTION 135(5)] Reason for not spending the amount ⇓ Transfer such unspent amount ⇓ To a fund specified in Schedule VII ⇓ Within 6 months ⇓ Of the expiry of the financial Year UTILIZATION OF UNSPENT AMOUNT ON CS...

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Corporate Social Responsibility (CSR) – Constitutional Opportunity or Moral Obligation

Company Law - Corporate altruism in India has found a new purpose since advent of the COVID-19 pandemic. With the nationwide lockdown upending economic activity at one hand and disrupting lives, especially of the poor, on the other, companies have not only opened their purse strings but also rolled up their sleeves to respond proactively to the pandemi...

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Corporate Social Responsibility – An Analysis

Company Law - At present, provisions under section 135 of the Act regulate large companies i.e. (a) companies having net worth of INR 500 crores or more; (b) turnover of INR 1,000 crores or more; or (c) net profit of INR 5 crore or more, during the immediately preceding financial year, to spend at least 2% of the average net profits during the three im...

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CSR Expenditure and Input Tax Credit: Conundrum among AARS

Company Law - The uncertainty on whether corporations can avail input tax credit (ITC) for any expenditure made under Corporate Social Responsibility (CSR) is a longstanding one. In the absence of a clear-cut law, corporations have had to rely on specific AAR rulings to ascertain whether they can avail ITC for their CSR expenditure. However, inconsiste...

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Companies to disclose Crypto Currency transactions in Financial Statements

Company Law - Where the Company has traded or invested in Crypto currency or Virtual Currency during the financial year, the following shall be disclosed:- a. profit or loss on transactions involving Crypto currency or Virtual Currency b. amount of currency held as at the reporting date, c. deposits or advances from any person for the purpose ...

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Rs 21,231 crore spent by 21,349 companies on CSR funds in 2019-20

Company Law - Corporate houses spend a huge sum on Corporate Social Responsibility (CSR) for the welfare of workers and local people in the country. This was stated by Minister of State for the Ministry of Corporate Affairs Shri Rao Inderjit Singh in a written reply to a question in the Lok Sabha today....

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Extend timelines for depositing unspent amount of ongoing CSR project

Company Law - ICSI Request for extension of timelines for depositing unspent amount of ongoing CSR project in separate bank account under Section 135 of the Companies Act, 2013 due to the second wave of COVID-19 ...

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Form CSR- Instructions for Filling of e-form CSR

Company Law - Form CSR- INSTRUCTIONS FOR FILLING OF EFORM CSR (Form for voluntary reporting of Corporate Social Responsibility) Note: 1. Instructions are not provided for the fields which are self explanatory 2. If the space within any of the fields is not sufficient to provide all the information, then additional details can be provided as an optional...

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Sanction for prosecution accorded in 366 cases in violation of CSR provisions

Company Law - Whenever any violation of CSR provisions is reported, action against such non-compliant Companies are initiated as per provisions of the Act after due examination of records and following due process of law....

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Expenses on CSR for AY 2014-15, cannot be disallowed

National Building Construction Corporation Ltd. Vs Add. CIT (ITAT Delhi) - National Building Construction Corporation Ltd. Vs Add. CIT (ITAT Delhi) In the instant case before us also, the expenses have been incurred on the direction of the relevant Ministry / Government of India. Further, neither the Assessing Officer nor the learned DR has rebutted the contention of the a...

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ITAT allows deduction of CSR expenses incurred by Toyota

Toyota Boshoku Automotive India Private Limited Vs DCIT (ITAT Bangalore) - Appellant, during AY 2012-2013, paid a huge amount towards provision of toilet facilities in Government Schools where the children of employees of the Appellant were studying. While filing the returns for that year, the Appellant claimed the same amount as Corporate Social Responsibility (CSR) expen...

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ITC not eligible on CSR Activity as Companies (CSR Policy) Rules, 2014

In re Adama India Private Limited (GST AAR Gujarat) - In re Adama India Private Limited (GST AAR Gujarat) CSR activities, as per Companies (CSR Policy) Rules, 2014 are those activities excluded from normal course of business of the applicant and therefore not eligible for ITC, as per Section 16(1) of the CGST Act. FULL TEXT OF THE ORDER OF AUTHORITY OF...

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CSR expenses incurred to make donations to Trusts eligible for deduction

JMS Mining Pvt. Ltd. Vs PCIT (ITAT Kolkata) - JMS Mining Pvt. Ltd. Vs PCIT (ITAT Kolkata) Current appeal has been filed against the order dated March 30, 2021 (Impugned order) passed by Ld. Principal Commissioner of Income-tax (Respondent) under Section 263 of Income Tax Act, 1961 (IT Act). It is challenged on the ground of the invocation of ju...

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CSR expense on community & welfare development before A.Y. 2015-16

NTPC Electric Supply Company Ltd. Vs ITO (ITAT Delhi) - NTPC Electric Supply Company Ltd. Vs ITO (ITAT Delhi) The facts in brief are that the assessee-company is a wholly owned subsidiary company of NTPC Ltd., a government undertaking with the objective to make foray in supply and distribution of electricity. It was entrusted with rural electrification w...

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MCA issues updated FAQs on Corporate Social Responsibility (CSR)

General Circular No. 14/2021 - (25/08/2021) - MCA has vide General Circular No. 14/2021 dated 25.08.2021 issued updated FAQs on Corporate Social Responsibility (CSR) and withdrawn 4 earlier FAQs and clarifications issued by it from time to time. The FAQs on CSR broadly covers  Applicability of CSR, CSR Framework, CSR Expenditure, CSR Activitie...

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Clarification on spending of CSR funds for COVID-19 vaccination

General Circular No. 13/2021 - (30/07/2021) - Spending of CSR funds for COVID-19 vaccination for persons other than the employees and their families, Is an eligible CSR activity under item no. (i) of Schedule VII of the Companies Act, 2013 relating to promotion of health care including preventive health care and item no. (xii) relating to disas...

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Clarification on offsetting the excess CSR spent for FY 2019-20

E-file no. CSR-01/4/2021-CSR-MCA - (20/05/2021) - Several representations have been received in the Ministry for setting off the excess CSR amount spent by the companies in FY 2019-20 by way of contribution to ‘PM CARES Fund' against the mandatory CSR obligation for FY 2020-21....

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Creation of infrastructure for COVID care is eligible CSR Activity

General Circular No. 09/2021 - (05/05/2021) - CSR funds for ‘creating health infrastructure for COVID care’, ‘establishment of medical oxygen generation and storage plants’, ‘manufacturing and supply of Oxygen concentrators, ventilators, cylinders and other medical equipment for countering COVID-19’ or simila...

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COVID Care facilities & makeshift hospitals are eligible CSR activity

General Circular No. 05/2021 - (22/04/2021) - MCA issued General Circular No. 05/ 2021 dated 22nd April, 2021, wherein it has been clarified that spending for 'setting up COVID Care facilities & makeshift hospitals' is an eligible CSR activity....

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Recent Posts in "CSR"

Form CSR-1 & related ROC Compliance

FORM NO. CSR-1 is issued Pursuant to section 135 of the Companies Act, 2013 and Rule 4(1) and (2) of Companies (CSR Policy) Rules, 2014 for Registration of Entities for undertaking CSR Activities. In accordance with the Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021, company can undertake CSR activities either it...

Read More

Corporate Social Responsibility (CSR) Amendment- Section 135

CORPORATE SOCIAL RESPONSIBILITY AMENDMENT UTILIZATION OF UNSPENT AMOUNT ON CSR ACTIVITIES (OTHER THAN ONGOING PROJECTS) [SECTION 135(5)] Reason for not spending the amount ⇓ Transfer such unspent amount ⇓ To a fund specified in Schedule VII ⇓ Within 6 months ⇓ Of the expiry of the financial Year UTILIZATION OF UNSPENT AMOUNT ON CS...

Read More

Corporate Social Responsibility (CSR) – Constitutional Opportunity or Moral Obligation

Corporate altruism in India has found a new purpose since advent of the COVID-19 pandemic. With the nationwide lockdown upending economic activity at one hand and disrupting lives, especially of the poor, on the other, companies have not only opened their purse strings but also rolled up their sleeves to respond proactively to the pandemi...

Read More

Corporate Social Responsibility – An Analysis

At present, provisions under section 135 of the Act regulate large companies i.e. (a) companies having net worth of INR 500 crores or more; (b) turnover of INR 1,000 crores or more; or (c) net profit of INR 5 crore or more, during the immediately preceding financial year, to spend at least 2% of the average net profits during the three im...

Read More

CSR Expenditure and Input Tax Credit: Conundrum among AARS

The uncertainty on whether corporations can avail input tax credit (ITC) for any expenditure made under Corporate Social Responsibility (CSR) is a longstanding one. In the absence of a clear-cut law, corporations have had to rely on specific AAR rulings to ascertain whether they can avail ITC for their CSR expenditure. However, inconsiste...

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Registration of Section 8 company for undertaking CSR Activities

Section 135(1) of the Companies Act 2013, deals with the CSR provisions and constitution of CSR committee. Modes of spending CSR expenditure: As per Rule 4(2), Companies can spend on CSR activity through any of the below 3 ways. 1. Eligible Companies coming together to form a Trust, Society, or Section 8 Company for conducting CSR [&hell...

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Expenses on CSR for AY 2014-15, cannot be disallowed

National Building Construction Corporation Ltd. Vs Add. CIT (ITAT Delhi)

National Building Construction Corporation Ltd. Vs Add. CIT (ITAT Delhi) In the instant case before us also, the expenses have been incurred on the direction of the relevant Ministry / Government of India. Further, neither the Assessing Officer nor the learned DR has rebutted the contention of the assessee that expenses have been incurred...

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Barriers to implementation of CSR by Corporate world

Expectations of Humanities from Corporates World The basic existence of the Corporates is to satisfy the essential of the society by suppling goods and services as per the various consumer need. But the Corporates should also be allowed to make profit for their very being and sustainability. The Corporates drew a lot from the society [&he...

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Mandatory Registrations for NGO |Society |Trust

As we all know, in India, lakhs of NGO’s are registered to do social welfare activities. An NGO can be registered in the form of Trust, Society and Section 8 Company with Ministry of Corporate Affairs. Each year thousands of new NGO’s are registered but due to unawareness of activities/ proceedings to be done after […]...

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Widening human resources: Indian sign language updates

I am privileged to cover a news item from Times of India dated 24th September 2021 on release of latest digital Indian Sign language dictionary by our respected Prime Minister earlier this month. This throws more light on the far reach of the economy which has not done much to explain in sign language its […]...

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