Considering the Amendment in Sec 135(5), 135(6) of the Companies Act 2013 wrt the CSR, do we need to make Provision in Books of the accounts while preparing the financial statement for the year in which CSR amount is unspent.?
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Provision to be made in Financial statement for Unspent CSR Amount
Replies (2)
Yes provision for CSR is mandatory
Provision cannot be created but must be transferred to
Unspent Corporate Social Responsibility Account, and such amount shall be spent by the company in pursuance of its obligation towards the Corporate Social Responsibility Policy within a period of three financial years from the date of such transfer, failing which, the company shall transfer the same to a Fund specified in Schedule VII, within a period of thirty days from the date of completion of the third financial year.
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