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 : Section 135 of the Companies Act, 2013 requires eligible companies to spend 2% of average profits on approved CSR activities, ensu...
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...
Company Law : Review CSR activities as mandated under Section 135 of the Companies Act, including sector-wise and state-wise CSR expenditure fro...
Income Tax : The Tribunal upheld deletion of a Section 14A disallowance after noting that the taxpayer did not earn any exempt income in the re...
Income Tax : The Tribunal held that CSR expenditure disallowed under Section 37 does not bar deduction under Section 80G. Donations to eligible...
Income Tax : ITAT held that employee stock option expenses are deductible as business expenditure. ESOP costs linked to employee compensation a...
Income Tax : The Tribunal held that CSR contributions received with strict donor directions and refund obligations may constitute tied-up grant...
Income Tax : The PCIT sought to revisit claims already scrutinized and partly disallowed. The Tribunal ruled this to be a change of opinion and...
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)...
Company Law : Failure to spend CSR funds or transfer unspent amounts within timelines was held to violate sections 135(5) and (6). Subsequent vo...
Company Law : The regulator examined filing of statutory forms with incorrect financial figures. It held that later correction does not erase li...
Part I – Law(s) Governing the eForm CSR-1 Section and Rule Number(s) eForm CSR-1 is required to be filed pursuant to Section 135 of the Companies Act, 2013 and Rule 4 (1) and (2) of the Companies (Corporate Social Responsibility Policy) Rules, 2014. Purpose of the eForm CSR-1 In accordance with the Companies (Corporate Social […]
17,130 Implementing Agencies are registered with MCA21 registry The Government provides the broad framework for Corporate Social Responsibility (CSR) through Section 135 of the Companies Act, 2013 (‘Act’), Schedule VII of the Act and Companies (CSR Policy) Rules, 2014. This was stated by the Union Minister of State for Corporate Affairs Shri Rao Inderjit Singh […]
The word ‘AUDIT’ has Latin origins. It is derived from the Latin term ‘audire,’ which means to hear as back then auditor used to listen to the accounts read over by an accountant in order to check them.
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 itself or through entities […]
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 CSR ACTIVITIES […]
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 pandemic. […]
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 immediate preceding financial years towards CSR activities.
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, inconsistent findings by […]
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 […]
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 for […]
