Implementation of CSR

This query is : Resolved

SHYAM KRISHNAN K (Querist)
Follow

25 April 2022 As per last audited financial , my company have earned a profit above 5 crore. In these case, is that we have responsible for CSR?
Please let me know that how can we implement project under CSR. Is there any guidelines for implementing projects?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

26 April 2022 Yes, you are responsible.
The rules in Section 135 of India's Companies Act make it mandatory for companies of a certain turnover and profitability to spend 2% of their average net profit for the past three years on CSR.

See the link.
https://csrcfe.org/about-csr-in-india-public-policy/#:~:text=In%20the%20early%2090's%20Mahatma,the%20Companies%20Act%20of%201956.

SHYAM KRISHNAN K

SHYAM KRISHNAN K (Querist)
Follow

26 April 2022 Is there any approval required from ROC or any other body before implementing projects ?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

26 April 2022 No outside approval is required.
The Board of the Company shall after taking in to account the recommendations made by the CSR Committee, approve the CSR policy for the Company and disclose contents of such policy in its report and also place it on the Company's website.

CA Puja Sharma

CA Puja Sharma (Expert)
Follow

26 April 2022 No outside approval is required for investing in the projects for CSR.
Ensure that the investments made by you are eligible for CSR as mentioned in Schedule VII of the Companies Act, 2013
The Boards Report of the company shall disclose the CSR policy and spending.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Rampal Saini

Vijay Mishra

SUBHASH SAHA

Vinod Dharwarkar

R Prabhudoss

Subscribe Now

Implementation of CSR

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

GST CONSULTANT

GST CONSULTANCY

CA Final

Accountant

Senior Executive

Manager- Finance and Compliance