CSR

Corporate Social Responsibility – Is it just a Responsibility??

Company Law - Section 135 of the Act is applicable on 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 immediately preceding financial year....

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Corporate Social Responsibility-Treatment of Unspent Amount

Company Law - 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 the immediately preceding financial year] shall constitute a Corporate Social Responsibility Committee of the Board consisting of three or more directors, out of which ...

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GST on Corporate Social Responsibility (CSR) activities

Company Law - In case of M/S Polycab Wires Private Limited, it was held that ITC would not be available for the goods distributed free of cost under CSR activities. In case of M/s Indian Institute of Corporate Affairs, it was held that the amount paid by the companies to external agencies for CSR activities to undertake specified projects would be cons...

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Accounting of CSR Expenditure

Company Law - Introductions: CSR which stands for Corporate Social Responsibility is a mode for corporate entities to give back to the society they are functioning in for the welfare of the same. In India, CSR was introduced first time in Section 135 of Companies Act, 2013. After that law related to CSR has been undergone some changes. […]...

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Allowability of CSR Expenditure under Income Tax Act, 1961

Company Law - CORPORATE SOCIAL RESPONSIBILITY (CSR) is a self-regulating process, through which corporate link their activities with common public. The Corporate generally using resources, whether it is natural or human to amass big profits and through Corporate Social responsibility, they will take social responsibility to develop local area and peopl...

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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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ICSI suggests introduction of CSR Compliance certificate

Company Law - Kindly consider introduction of CSR Compliance certificate by an Company Secretary in Practice, independent professional and the reporting thereof in a dedicated format in the form of CSR Compliance Certificate which shall be attached with the e-form for CSR. Also, we would like to suggest that initially obtaining the said CSR Compliance ...

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ICSI requests introduction of CSR Audit / CSR Review mechanism

Company Law - An independent CSR Audit/ Review and issue of CSR Audit/Review Report by the Company Secretaries in Practice shall not only give the existing CSR mechanism much needed support and give necessary comfort to the stakeholders, regulators and the society at large that the companies are Complying with the legal requirements but will also give ...

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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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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

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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Extension of Tenure of High Level Committee on CSR-2018

General Circular No. 02/2019 - (08/03/2019) - The High Level Committee on Corporate Social Responsibility, 2018 was constituted under the Chairmanship of Secretary, Ministry of Corporate Affairs vide OM of even no. dated 22.11.2018 to review the existing framework and formulate a coherent policy on Corporate Social Responsibility....

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Re-Constitution and Re-naming of Advisory Group of NFCSR

Order No. 11/02/2018-CSR - (07/01/2019) - Re-Constitution and Re-naming of Advisory Group of National Foundation for Corporate Social Responsibility (NFCSR) as Governing Council, NFCSR...

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Re-Constitution of Steering Committee of National Foundation for CSR

Order No. 11/ 02/ 2018-CSR - (07/01/2019) - Pursuant to the approval of Hon'ble Minister of Corporate Affairs, a restructured Steering Committee of National Foundation for Corporate Social Responsibility (NFCSR) is hereby constituted to prepare a roadmap, oversee the functioning and steer the activities of NFCSR for providing policy inputs an...

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Recent Posts in "CSR"

Corporate Social Responsibility – Is it just a Responsibility??

Section 135 of the Act is applicable on 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 immediately preceding financial year....

Read More
Posted Under: CA, CS, CMA |

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

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 More
Posted Under: CA, CS, CMA |

President to Present National CSR Awards to Select Companies

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. ...

Read More
Posted Under: CA, CS, CMA |

Corporate Social Responsibility-Treatment of Unspent Amount

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 the immediately preceding financial year] shall constitute a Corporate Social Responsibility Committee of the Board consisting of three or more directors, out of which ...

Read More
Posted Under: CA, CS, CMA |

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....

Read More

GST on Corporate Social Responsibility (CSR) activities

In case of M/S Polycab Wires Private Limited, it was held that ITC would not be available for the goods distributed free of cost under CSR activities. In case of M/s Indian Institute of Corporate Affairs, it was held that the amount paid by the companies to external agencies for CSR activities to undertake specified projects would be cons...

Read More
Posted Under: CA, CS, CMA |

Accounting of CSR Expenditure

Introductions: CSR which stands for Corporate Social Responsibility is a mode for corporate entities to give back to the society they are functioning in for the welfare of the same. In India, CSR was introduced first time in Section 135 of Companies Act, 2013. After that law related to CSR has been undergone some changes. […]...

Read More
Posted Under: CA, CS, CMA |

Allowability of CSR Expenditure under Income Tax Act, 1961

CORPORATE SOCIAL RESPONSIBILITY (CSR) is a self-regulating process, through which corporate link their activities with common public. The Corporate generally using resources, whether it is natural or human to amass big profits and through Corporate Social responsibility, they will take social responsibility to develop local area and peopl...

Read More
Posted Under: CA, CS, CMA |

Highlights of the Companies Amendment Bill, 2019 – CSR

1. In case the CSR amount for a particular financial year is unspent, then the same has to be transferred to a Fund specified in Schedule VII within a period of six month from the end of that Financial Year. 2. Any amount remaining unspent pursuant to any ongoing project, undertaken by a company in […]...

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Posted Under: CA, CS, CMA |

Summary of Key Amendments on Income Tax And Corporate Law

Article explains TDS on cash withdrawals of over Rs 1 crore under section 194N of the Income Tax Act, 1961, TDS at the time of purchasing immovable property under Section 194-IA of the Income Tax Act, TDS on payments made to professionals and contractors under Section 194M,  TDS on life insurance proceeds Under section 194DA, […]...

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Posted Under: CA, CS, CMA |

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