CSR

Corporate Social Responsibility: A Simple Analysis

Company Law - CSR Companies : Every company 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 any financial year – Section 135(1) Meaning of Net Worth : The aggregate value of the paid-up share capital and […]...

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Corporate Social Responsibility (CSR)- Brief Summary of Provisions

Company Law - Background: Before enactment of Companies Act, 2013 Corporate Social Responsibility (CSR) expenditure is at the discretion of the corporate however after enactment of Section 135 of Companies Act 2013 such expenditure is made mandatory for certain corporate (Criteria given below)....

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Control Framework For Corporate Social Responsibility (CSR)

Company Law - Corporate Social Responsibility (CSR), should, on one hand, reflect the Corporate Philosophy and on the other hand should ensure implementation of those activities which would meet the expectations of the society and the region in which the company functions....

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CSR Responsibility: A Myth or Reality?

Company Law - Corporate social responsibility is related to, but not identical with, business ethics. While CSR encompasses the economic, legal, ethical, and discretionary responsibilities of organizations, business ethics usually focuses on the moral judgments and behavior of individuals and groups within organizations....

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Waste Management- An enriching CSR opportunity for Corporate India

Company Law - Rapid urbanizationis one of the major factor in which our country is facing a massive waste management challenge today. India suffers from inadequate waste infrastructure and a tremendous increase in solid waste generation per capita. Segregation of waste at source and resource recovery is the key to well- established waste management pra...

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199 companies face penalty for non-compliance of CSR norms

Company Law - The Government has accorded permission for initiating penal action against 199 companies for non-compliance of provisions of section 135 read with section 134 (3) (o) of the Act. This was stated by Shri P.P. Chaudhary, Minister of State for Corporate Affairs and Law & Justice in the Rajya Sabha today. The Government has no proposal [&...

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CSR is getting mainstreamed through Companies Act 2013

Company Law - The Minister of State (MoS) for Finance and Corporate Affairs, Shri Arjun Ram Meghwal, says Corporate Social Responsibility (CSR) is getting mainstreamed through the Companies Act 2013. This landmark legislation has brought the issue of CSR from back rooms of corporates to their Board rooms ...

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Show cause notices to 1018 companies for violation of CSR norms

Company Law - Show cause notices have been issued to 1018 companies for 2014-15 for violation of Section 135 read with Section 134(3) (o) of the Companies Act, 2013....

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High Level Committee Report on CSR Compliance

Company Law - Major recommendations of the Committee include, inter-alia, the following: It would be desirable to conduct a review of the CSR provision of the Act after three years. Ceiling on administrative overhead cost should be increased from 5% to not more than 10% of the CSR expenditure. Definition of the term “net profit” used u...

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Draft Guidance Note on Treatment of CSR Activity Costs

Company Law - Cost Accounting Standards Board (CASB) releases Exposure Draft of Guidance Note on ‘Treatment of Costs Relating to Corporate Social Responsibility (CSR) Activities ‘. Cost Accounting Standards Board (CASB), the standard-setting body of the Institute, has approved the release of Exposure Draft of Guidance Note on ‘Treatment o...

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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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Voluntary CSR Expense allowable as business expenditure

ACIT vs. Jindal Power Limited (ITAT Raipur) - CSR expense disallowance is restricted to the expenses incurred by the assessee under a statutory obligation under section 135 of Companies Act 2013, and there is thus now a line of demarcation between the expenses incurred by the assessee on discharging corporate social responsibility under such a ...

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CSR Steering Committee gets 1 Month extension to submit its report

F.No. 12/08/2018-CSR (Part file) - (31/05/2018) - Steering Committee on CSR was required to submit its report by 03.06.2018. However, as per the request from the Convener of the Committee, the tenure is extended to one month. It is expected that Committee to submit its report within the extended time period positively....

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Constitution of Steering Committee on CSR

F. No. 12/03/2018-CSR (Part File) - (04/04/2018) - A Committee on CSR is hereby constituted under the Chairmanship of Shri. Manmohan Juneja, RD (WR) to review the functioning of CSR enforcement & to recommend a uniform approach for its enforcement. ...

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CSR Policy Amendment Rules 2016

Notification No. G.S.R. 540(E) - (23/05/2016) - The Board of a company may decide to undertake its CSR activities approved by the CSR Committee, through (a) a company established under section 8 of the Act or a registered trust or a registered society, established by the company, either singly or alongwith any other company, or (b) a compa...

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23 FAQs on Corporate Social Responsibility U/s. 135 of Companies Act, 2013

General Circular No. 01/2016 - (12/01/2016) - Section 135 of the Companies Act, 2013, Schedule VII of the Act and Companies CSR Policy Rules, 2014 read with General Circular dated 18.06.2014 issued by the Ministry of Corporate Affairs, provide the broad contour within which eligible Companies are required to formulate their CSR policies includi...

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CSR- Swach Bharat Kosh & Clean Ganga Fund included

Notification No. G.S.R. 741 (E) - (24/10/2014) - (i) In item (i), after the words and sanitation, the words including contribution to the Swach Bharat Kosh set-up by the Central Government for the promotion of sanitation shall be inserted; (ii) In item (iv), after the words and water, the words including contribution to the Clean Ganga Fund set...

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Recent Posts in "CSR"

Corporate Social Responsibility: A Simple Analysis

CSR Companies : Every company 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 any financial year – Section 135(1) Meaning of Net Worth : The aggregate value of the paid-up share capital and […]...

Read More
Posted Under: Company Law |

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....

Read More

Corporate Social Responsibility (CSR)- Brief Summary of Provisions

Background: Before enactment of Companies Act, 2013 Corporate Social Responsibility (CSR) expenditure is at the discretion of the corporate however after enactment of Section 135 of Companies Act 2013 such expenditure is made mandatory for certain corporate (Criteria given below)....

Read More
Posted Under: Company Law |

CSR Steering Committee gets 1 Month extension to submit its report

F.No. 12/08/2018-CSR (Part file) (31/05/2018)

Steering Committee on CSR was required to submit its report by 03.06.2018. However, as per the request from the Convener of the Committee, the tenure is extended to one month. It is expected that Committee to submit its report within the extended time period positively....

Read More

Constitution of Steering Committee on CSR

F. No. 12/03/2018-CSR (Part File) (04/04/2018)

A Committee on CSR is hereby constituted under the Chairmanship of Shri. Manmohan Juneja, RD (WR) to review the functioning of CSR enforcement & to recommend a uniform approach for its enforcement. ...

Read More

199 companies face penalty for non-compliance of CSR norms

The Government has accorded permission for initiating penal action against 199 companies for non-compliance of provisions of section 135 read with section 134 (3) (o) of the Act. This was stated by Shri P.P. Chaudhary, Minister of State for Corporate Affairs and Law & Justice in the Rajya Sabha today. The Government has no proposal [&...

Read More
Posted Under: Company Law |

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. ...

Read More

Control Framework For Corporate Social Responsibility (CSR)

Corporate Social Responsibility (CSR), should, on one hand, reflect the Corporate Philosophy and on the other hand should ensure implementation of those activities which would meet the expectations of the society and the region in which the company functions....

Read More
Posted Under: Company Law |

CSR Responsibility: A Myth or Reality?

Corporate social responsibility is related to, but not identical with, business ethics. While CSR encompasses the economic, legal, ethical, and discretionary responsibilities of organizations, business ethics usually focuses on the moral judgments and behavior of individuals and groups within organizations....

Read More
Posted Under: Company Law |

Waste Management- An enriching CSR opportunity for Corporate India

Schedule VII of Companies Act, 2013 (Ni/l/)

Rapid urbanizationis one of the major factor in which our country is facing a massive waste management challenge today. India suffers from inadequate waste infrastructure and a tremendous increase in solid waste generation per capita. Segregation of waste at source and resource recovery is the key to well- established waste management pra...

Read More
Posted Under: Company Law |
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