Corporate Law : India transformed CSR into a statutory obligation under Section 135. This shift raises key questions on its role in governance and...
Company Law : A comprehensive guide to applicability, 2% spending rule, governance structure, compliance requirements, and penalties under Secti...
Company Law : Understand CSR obligations under Section 135, including eligibility, expenditure, and reporting. Key takeaway: Proper CSR complian...
Company Law : Explains the strict consequences for failing to meet CSR spending and transfer obligations under Section 135. Highlights how penal...
Company Law : Section 135 mandates companies above certain thresholds to spend 2% of profits on social initiatives, establish CSR committees, an...
Company Law : The issue concerns the inability to update trust details in CSR-1 registration records. It was highlighted that outdated informati...
Company Law : Public and private companies in Bihar increasingly invest in CSR, with key districts receiving substantial social development fund...
Company Law : The Ministry of Corporate Affairs confirms that CSR expenditure data for the last five years is publicly available on its CSR port...
Company Law : Government penalized companies for CSR non-compliance under the Companies Act. Details of penalties, CSR spending, and fund transf...
Company Law : Overview of proposed amendments in the Companies Act, 2013, CSR monitoring framework, and steps to ensure compliance and prevent m...
Income Tax : The issue was whether CSR expenditure disallowed under Section 37(1) can still qualify under Section 80G. The Tribunal held that b...
Income Tax : The Court held that reassessment based solely on an audit objection is invalid as it constitutes a change of opinion. It emphasize...
Income Tax : ITAT held that CSR contributions can qualify for deduction under Section 80G if conditions are met. The ruling clarifies that ther...
Income Tax : ITAT held that revision under Section 263 cannot be invoked when the Assessing Officer has already examined the issue. The ruling ...
Income Tax : The issue was whether CSR expenditure qualifies for deduction under section 80G. The Tribunal held that deduction is allowable as ...
Company Law : The authority penalized the company for failing to transfer unspent CSR funds within the statutory deadline. It held that delayed ...
Company Law : The authority penalized the managing director for wrongly declaring CSR as not applicable in financial filings. It held that signa...
Company Law : The adjudicating authority penalised a company for not spending mandatory CSR funds and failing to transfer unspent amounts on tim...
Company Law : The regulator held that non-spending of CSR amounts and failure to transfer unspent funds within timelines violates section 135. S...
Company Law : The regulator held that failure to spend CSR funds or transfer unspent amounts within statutory timelines violates sections 135(5)...
CSR expenditure incurred, ITC shall be available in GST, Penalty for not fulfilling CSR obligations & Treatment of CSR expenditure in Income tax
Understand the eligibility of Input Tax Credit (ITC) on Corporate Social Responsibility (CSR) expenses in GST. Explore the background of CSR expenses, analysis of provisions in the Income Tax Act and GST Act, and evaluate the criteria for claiming ITC. Get insights into the complexities and restrictions to ensure compliance with the Companies Act, 2013, and GST Act, 2017.
Delhi High Court held that donations to institutions other than the one enlisted in Schedule (VII) of the Companies Act, 2013 is not deductible as Corporate Social Responsibility.
CSR expense disallowance is restricted to expenses incurred by assessee under statutory obligation u/s.135 of companies Act 2013 and it doesn’t apply to expenditure incurred in discharge of corporate social responsibility (CSR) on voluntarily basis.
That it is eligible to claim ITC on the CSR expenditure spent by it since it is spent in accordance with the provisions laid down by Companies Act, 2013. CSR expenses incurred by the applicant have been mandated under the Companies Act, 2013.
The expenditure made towards corporate responsibility under section 135 of the Companies Act, 2013, is an expenditure made in the furtherance of the business. Hence the tax paid on purchases made to meet the obligations under corporate social responsibility will be eligible for input tax credit under CGST and SGST Acts.
Learn about the latest changes in the Companies (CSR Policy) Amendment Rules, 2022. Understand the impact on CSR Committees and compliance with Companies Act, 2013.
Let’s begin with the meaning of Corporate Social Responsibility (CSR). When the companies get bigger in size, apart from the economic responsibility of earning profits, there are some social responsibilities which the companies shall also consider in order to fulfil the expectations of society.
It has made mandatory for the Company to ensure the Constitution of CSR Committee and compliance of sub-section (2) to (6) of Section 135 to ensure that the Company complies with CSR initiative w.r.t to the unspent Amount.
GOVERNMENT OF INDIA MINISTRY OF CORPORATE AFFAIRS, OFFICE OF REGISTRAR OF COMPANIES, NCT OF DELHI & HARYANA 4TH FLOOR, IFCI TOWER, 61, NEHRU PLACE, NEW DELHI -110019 No. ROC/D/Adj Order/Section 135/Comviva/5702-5710 Dated: 27.09.2022 Order for Penalty for Violation of Section 135 of the Companies Act, 2013 IN THE MATTER OF COMVIVA TECHNOLOGIES LIMITED (U72200HR1999PLC041214) 1 […]
