Company Law : New MCA amendments permit companies to deploy a portion of CSR funds through Zero Coupon Zero Principal instruments listed on the ...
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 : The MCA has widened CSR eligibility by recognizing subscriptions to Zero Coupon Zero Principal Instruments as a valid CSR activity...
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 It was highlighted that outdated informati...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...
Income Tax : ITAT Mumbai held that eligible CSR donations qualify for Section 80G deduction if statutory conditions are met, despite disallowan...
Income Tax : The ITAT held that depreciation on goodwill arising from amalgamation could not be disallowed in subsequent years after it had bee...
Income Tax : ITAT Delhi held that donations forming part of CSR expenditure are eligible for deduction under Section 80G if the statutory condi...
Income Tax : The ITAT held that foreign exchange gains arising from realization of export proceeds from services rendered to associated enterpr...
Income Tax : Delhi ITAT held that donations qualifying under Section 80G do not lose eligibility merely because they form part of Corporate Soc...
Company Law : ROC Cuttack held that responsibility for inaccurate information in e-forms rests with the authorised signatory and certifying prof...
Company Law : MCA amends Schedule VII of the Companies Act to include subscription to zero coupon zero principal instruments on Social Stock Exc...
Company Law : MCA has amended the CSR Rules to recognize zero coupon zero principal instruments issued by Social Stock Exchange-listed NPOs. The...
Company Law : ROC Haryana ruled that non-transfer of unspent CSR amount within six months from the close of the financial year constituted a vio...
Company Law : ROC Kolkata penalized a company and its directors for delayed transfer of unspent CSR funds to the Swachh Bharat Kosh. The order h...
Even after six decades of Independence, India is still an under-developed country. Still problems like hunger, poverty, illiteracy, ill-health and malnutrition are prevalent in the society. There is need to look after the socio economic problems prevailing in the society not only by the individuals and Non Governmental Organization
You would be glad to know that that the long awaited Notification to exempt private companies under section 462 of the Companies Act 2013 has been recently issued by the Ministry of Corporate Affairs. ICAI has highlighted need for a clarification in this regard on various occasions. There was no apparent need to put a cap on the number of audit of small and medium companies.
Activities which are eligible for CSR expenditure in pursuance of Schedule VII of the Companies Act 2013 are as follows: 1. Eradicating hunger, poverty and malnutrition, promoting preventive health care and sanitation, including contribution to the Swach Bharat Kosh set-up by the Central Government for the promotion of sanitation and making available safe drinking water,-
Section 135 of the Companies Act, 2013 (the Act), requires the Board of Directors of every company having a net worth of Rupees 500 crore or more, or turnover of Rupees 1,000 crore or more or a net profit of Rupees 5 crore or more, during any financial year, to ensure that the company spends in every financial year atleast 2% of the average net profits of the company made during the three immediately preceding financial years on Corporate Social Responsibility (CSR) in pursuance of its policy in this regard.
Akash Sharma ♠ Companies Mandated to constitute a CSR Committee Networth of Rs 500 Crore or more Turnover of Rs 1000 Crore or more Net profit of Rs 5 Crore or more ♠ CSR Committee to have Three or more directors At least one is to be an independent director ♠ Board’s Report shall disclose […]
Frequently Asked Questions On the provisions of Corporate Social Responsibility under Section 135 of the Companies Act 2013 and Rules thereon The background of these Frequently Asked Questions (FAQs) is to give clarifications regarding treatment of Corporate Social Responsibility (CSR) spending in the books of accounts and disclosures in the Financial Statements. It is important […]
The Companies Act 2013 makes it mandatory for corporate houses to spend 2% profit on CSR activities. The government has prepared a list of sanitized Non-Governmental Organisations (NGOs), free of any terrorist links or unwanted funding, that can undertake Corporate Social Responsibility (CSR) activities.
It is proposed to provide that donations made by any donor to the Swachh Bharat Kosh and donations made by domestic donors to Clean Ganga Fund will be eligible for a deduction of hundred per cent from the total income. However, any sum spent in pursuance of Corporate Social Responsibility under sub-section (5) of section 135 of the Companies Act, 2013, will not be eligible for deduction from the total income of the donor.
Ever since the inception of concept of Mandatory CSR spending corporates are anxious about tax incentive of CSR spending. Last year, the enactment of the finance act 2014 which kept the CSR expenditure out of ambit of business expenditure proves disappointment for companies. The reason given is, CSR expenditure, being an application of income, is not incurred exclusively for the purposes of carrying on business.
Swami Vivekananda blessed by Sri Ramkrishnadeva worked tirelessly for the upliftment of mankind ultimately for his motherland. He was a patriot and all his actions were towards the direction. He always thought for the untouchables and down trodden.
