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 It was highlighted that outdated informati...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)...
The Supreme Court dismissed the petition filed by the assessee challenging decision of Central Government to excluding Chief Minister’s Relief Fund from the purview of Corporate Social Responsibility (CSR).
CORPORATE SOCIAL RESPONSIBILITY UNDER THE COMPANIES ACT, 2013 For conducting its business activities, a company exploits various resources of the society and the environment. Corporate Social Responsibility (CSR) is an act of incorporating the social and environmental concerns into the business model of the company. CSR is not a voluntary act on part of the […]
Corporate Social responsibility (CSR) is continuing commitment by businesses to integrate social and environmental concerns in their business operations. India became the first country to legislate the need to undertake CSR activities and mandatorily report CSR initiatives under the new Companies Act 2013. Prior to Companies Act 2013, CSR in India has traditionally been seen as a philanthropic activity. And in […]
Can we claim the Input Tax Credit (ITC) on expenditure related to Corporate Social Responsibility (CSR) Activities? Background:- Provisions under Section 16of the Central Goods and Services Tax (CGST) Act, 2017 relating to “Eligibility and Conditions for taking Input Tax Credit (ITC)”, are as under: (1) Every registered person shall, subject to such conditions and restrictions as […]
MCA has issued several notifications either to clarify or broaden the ambit of Schedule VII. This Notification is yet another step taken by the MCA for widening the scope of CSR activities to include CAPF and CMPF veterans and their dependants and war widows.
Corporate Social Responsibility (CSR) 1. Company Liable for CSR Section 135(1) Company having – a. Net worth of Rs.- 500 Cr. or More, or b. Turnover of Rs. 1000 Cr. or More, or c. Net Profit of Rs. 5 Cr. or More during the immediately previous financial year 2. CSR Committee Section 135(1) and Rule […]
It has been observed that CSR funds have been allocated to hospital or doctors for construction of hospital building or for their day to day OPD; while doctors are charging Rs 1000 to Rs 1500 per patient. Then, what is the public benefit arising out of CSR activity of this type ?
In view of the amendment in Schedule VII of the Companies Act, 2013 vide gazette notification no. G.S.R. 313(E) dated 26th May, 2020, deemed to have come into force on 28th March 2020, the Office Memorandum No. CSR-05/1/2020-CSR_MCA dated 28.03.2020 is redundant and hence stands superseded.
MCA amends Clause (vi) of CSR Schedule VII of Companies Act 2013 to includes measures for the benefit of Central Armed Police Forces (CAPF) and Central Para Military Forces (CPMF) veterans, and their dependents including widows vide Notification No. G.S.R. 399(E) dated 23rd, June 2020. MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 23rd, June […]
As the world is reeling under the impact of Covid-19, most donations made in India would qualify as a Corporate Social Responsibility (CSR) activity. These donations may be in the form of cash or in-kind such as PPE kits, sanitizers, etc. This article aims at analyzing the impact of GST on CSR activities/expenditure. What is […]
