Offsetting the excess CSR spent for FY 2019-20 against mandatory CSR obligation for FY 2020-21

CS Divesh Goyal | Last updated: 28 July 2021

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Companies that generously contributed to the PM CARES Fund in FY 2019-20, exceeding their mandatory CSR spending, can now offset this excess amount against their CSR obligations for FY 2020-21. This relief is subject to specific conditions, including accounting for any previous unspent CSR amounts and obtaining certifications from the CFO and statutory auditor. The details of such contributions must also be disclosed in the Annual Report and Board's Report for FY 2020-21.

An appeal dated 30.03.2020 was made to MDs/CEOs of top 1000 companies to contribute generously to Prime Ministers Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund). In the appeal, it was mentioned that such contribution may, inter-alia, include the unspent CSR amount, if

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About the Author

CS Divesh Goyal

Practicing Compnay Secretary

CAREER PROFILE He is a Fellow Member of the Institute of Companies Secretaries of India having intense expertise in Corporate Law for the last 8 years. He is a young and progressive Practicing Company Secretary with zeal to dig deep into the nuances of Corporate Laws. Being a researcher at heart, he has done ... Read more

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