Csr-sec. 135 of companies act 2013
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
03 March 2014
Sec 135 stay that if company having:
1.Net worth of Rs. 500 Crore
Or
2.Turnover of Rs. 1000 Crore
Or
3.Net profit of Rs. 5 Crore
During any financial year
Now my query is what does “any financial year” means.
In the financial year 2007-08 company has Rs.5.82 crore net profit and after that companies profit was between Rs.2 to Rs.3 crore only.
So sec 135 will be applicable on company or not
1.Net worth of Rs. 500 Crore
Or
2.Turnover of Rs. 1000 Crore
Or
3.Net profit of Rs. 5 Crore
During any financial year
Now my query is what does “any financial year” means.
In the financial year 2007-08 company has Rs.5.82 crore net profit and after that companies profit was between Rs.2 to Rs.3 crore only.
So sec 135 will be applicable on company or not
03 March 2014
1. As per Section 135(1) if the prescribed condition is fulfilled in ANY year, the Section 135 is applicable.
However, Rule 3(2) of the Companies (Corporate Social Responsibility Policy) Rules, 2014 provides that a company which ceases to fulfill conditions of Section 135(1) for 3 CONSECUTIVE YEARS shall not be required to comply with CSR.
2. In your case, the profit for the last 3 financial years is LESS than Rs. 5 crore, so CSR is NOT applicable (assuming the net worth & turnover are less than the prescribed limit).
However, Rule 3(2) of the Companies (Corporate Social Responsibility Policy) Rules, 2014 provides that a company which ceases to fulfill conditions of Section 135(1) for 3 CONSECUTIVE YEARS shall not be required to comply with CSR.
2. In your case, the profit for the last 3 financial years is LESS than Rs. 5 crore, so CSR is NOT applicable (assuming the net worth & turnover are less than the prescribed limit).
03 March 2014
Endorse the opinion of Mr. Siddhartha
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- House Property Reporting in ITR
- Internship/Academic shown in Salary Pay Slip of a Doctor
- TDS Claim year
- Liable to deduct tds and 44ADA
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- Refund of 20%pre-deposit paid for stay application
- TDS Challan Code
- Rent lease agreement
- Relief u/s Section 89
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
