Net worth according to sec 135 of companies act (csr)?
This query is : Resolved
Quick Summary
27 September 2017
This question came in May 2017,Corporate Law CA Final Paper.
Company has 4 branches outside India and 2 In India. The Net worth of the company is 650 Crore.
Does it come under CSR provision?
Company has 4 branches outside India and 2 In India. The Net worth of the company is 650 Crore.
Does it come under CSR provision?
27 September 2017
Yes.
Companies meeting any of the following criteria during any financial year are covered under
mandatory CSR spends:
1. Net worth* of Rs. 500 Crores or more or
2. Turnover** of Rs. 1000 Crores or more or
3. Net profit of Rs. 5 Crores or more
*Definition of Net Worth – Section 2 (57) of the Companies Act, 2013 – the aggregate value of
the paid-up share capital and all reserves created out of the profits and securities premium
account, after deducting the aggregate value of the accumulated losses, deferred expenditure
and miscellaneous expenditure not written off, as per the audited balance sheet, but does not
include reserves created out of revaluation of assets, write-back of depreciation and
amalgamation.
**Turnover – Section 2(91) – the aggregate value of the realization of amount made from the
sale, supply or distribution of goods or on account of services rendered, or both, by the company
during a financial year.
Companies meeting any of the following criteria during any financial year are covered under
mandatory CSR spends:
1. Net worth* of Rs. 500 Crores or more or
2. Turnover** of Rs. 1000 Crores or more or
3. Net profit of Rs. 5 Crores or more
*Definition of Net Worth – Section 2 (57) of the Companies Act, 2013 – the aggregate value of
the paid-up share capital and all reserves created out of the profits and securities premium
account, after deducting the aggregate value of the accumulated losses, deferred expenditure
and miscellaneous expenditure not written off, as per the audited balance sheet, but does not
include reserves created out of revaluation of assets, write-back of depreciation and
amalgamation.
**Turnover – Section 2(91) – the aggregate value of the realization of amount made from the
sale, supply or distribution of goods or on account of services rendered, or both, by the company
during a financial year.
Message likes :
1 times
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
- Refund Annexure-B
- Liable to deduct tds and 44ADA
- Sale of Equity shares for Purchase of Residential Property
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- ECO SUPPLY REPORTIONG IN GSTR-1
- Is Interest applicable for payment made through credit ledger vide DRC03 for FY 2020-21 & 2021-22
- CCFS 2026 Schemed
- Subscription paid to foreign customer
- Two seprate Invoice needed
- 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
