csr

QUESTION Growmart, a grocery and general merchandise store and the global retailer has more than 5000 retail units in 20 different countries. In 2017, Growmart was caught using child labour in a developing country X-Land. At the end of year, media made public the news that Growmart was using child labour at two factories in X-Land. Children aged 10-14 years old were found to be working in the factories for less than $50 a month making products of the Growmart brand for export. The company had..

Through Corporate Social Responsibility, companies voluntarily contribute to a better society and environment. Corporate Social Responsibility can be defined as a Company's sense of responsibility towards the community and environment in which it operates. Expenses incurred towards CSR cannot be considered as donations or charity. The Companies Act, 2013 has formulated Section 135, Companies (Corporate Social Responsibility) Rules, 2014 and Schedule VII which prescribes mandatory provisions ..

COVID-19 Pandemic has forced every one of us into an era that was not thought of, or even imagined by anyone. There are a variety of lifesaving measures be it national-wide lockdowns, the shutdown of businesses, closing the international and national borders as well as working remotely are being carried out by authorities in order to keep the effects to the minimal. With regard to the effect that covid-19 may have on human race, some organizations are getting into social initiatives, includin..

It has been 4 years since GST came into force, yet there is no clarity with respect to certain major issues, one of which is availment of Input Tax Credit on Corporate Social responsibility. After inception of GST, multiple advance rulings have been sought in respect of ITC on CSR expenditure but two have caught our eye as the rulings were passed in drastic contrast to each other. In the advance ruling of M/s. Polycab Wires Private Limited in AAR – Kerala, Ruling No. KER/30/2019 dt. ..

Summary MCA has introduced Companies (Corporate Social Responsibility Policy), Amendment Rules, 2021. Most Important: CSR Spending made mandatory from voluntary w.e.f. financial year 2020-21. Date of Effectiveness of these rules These rules came into effect on 22 January 2021, as the same has been published in the official gazette on the same date. Therefore, these amended rules are applicable on the financial year 2020-21 (subject to specific date of some rules).   Some F..

Summary MCA has introduced 'Companies (Corporate Social Responsibility Policy), Amendment Rules, 2021. Most Important: CSR Spending made mandatory from voluntary w.e.f. financial year 2020-21. Date of Effectiveness of these rules These rules came into effect on 22 January 2021, as the same has been published in the official gazette on the same date. Therefore, these amended rules are applicable on the financial year 2020-21 (subject to specific date of some rules).   T..

An appeal dated 30.03.2020 was made to MDs/CEOs of top 1000 companies to contribute generously to 'Prime Minister's 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 any, and any amount over and above the minimum prescribed CSR amount for FY 2019-20, which can later be offset against the CSR obligation arising in subsequent financial years. The M..

CORPORATE SOCIAL RESPONSIBILITY Corporate Social Responsibility (CSR) is a management concept whereby companies integrate social and environmental concerns in their business operations and interactions with their stakeholders. CSR is generally understood as being the way through which a company achieves a balance of economic, environmental and social imperatives ('Triple- Bottom-Line- Approach'), while at the same time addressing the expectations of shareholders and stakeholders. In t..

Short Summary Ministry of Corporate Affairs has launched CSR-1 form on their website w.e.f. 1st April 2021. E-form CSR-1 is required to be filed pursuant to Section 135 of the Companies Act, 2013 and Rule 4 (1) and (2) of the Companies (Corporate Social Responsibility Policy) Rules, 2014. UNIQUE CSR REGISTRATION NO Every entity who is covered under these rules, who intends to undertake any CSR activity, shall register itself with the CG by filing the e-form CSR-1 with the ROC w.e.f. 01 ..

Short Summary In this editorial, the author is discussing the provisions of the Corporate Social Responsibility concerning COVID 19 (Corona). As many questions have been received from the professional in respect of using the CSR funds for CoVID related activities. We have accumulated all the circulars of MCA and offering below for clarification regarding the same. FIRST CIRCULAR PASSED ON 23RD MARCH, 2020 As per this circular, the CSR funds may be used for the activities related to the ..

Corporate houses spend a huge sum on Corporate Social Responsibility (CSR) for the welfare of workers and local people in the country. This was stated by Minister of State for the Ministry of Corporate Affairs Shri Rao Inderjit Singh in a written reply to a question in the Lok Sabha today. Giving more details, the Minister said that the Ministry of Corporate Affairs (MCA) vide General Circular no.10/2020 dated 23.03.2020 clarified that CSR funds may be spent by the companies for various activ..

The author in this article covers the following topics - A. Companies Act, 2013 Perspective Applicability of CSR Meaning of CSR Consequences of Non Compliance B. Income Tax Act, 1961 Meaning of CSR Allowability of CSR Expenditure   Companies Act, 2013 Perspective Applicability of CSR Section 135 of Companies Act, 2013 Every company including foreign company whose In the preceding financial year.   Meaning of CSR Corporate Soci..

E-Form CSR-1 is required to be filed pursuant to the provisions of section 135 of the Companies Act, 2013 and Rule 4(1) and (2) of the Companies (Corporate Social Responsibility Policy) Rules, 2014. Further in accordance with the Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021, company can undertake CSR activities either itself or through any of the following entities: A company established under section 8 of the Act, or a registered public trust or a registered..

"To enrich quality of life in the society we operate in we need to give back to the society manifolds than what we get from it". - JRD TATA "Resources businesses must contribute to sustainable development if we are to continue to have access to resources." – Cynthia Carroll Introduction The Corporate Social Responsibility (CSR) is a concept wherein enormous Companies is required to spend a small portion of their Profit (i.e. 2% of Profit) towards CSR Activities..

Corporate Social Responsibility (CSR) is nowhere defined in Companies Act, 2013, but as per Rule 2(1) (d) of the CSR Rules “Corporate Social Responsibility” means the activities undertaken by a Company in pursuance of its statutory obligation laid down in section 135 of the Act in accordance with the provisions contained in these rules, but shall not include the following, namely:- Activities undertaken in pursuance of normal course of business of the company; any activity un..

E-file no. CSR-01/4/2021-CSR-MCA Government of India Ministry of Corporate Affairs 5th Floor, 'A' Wing, Shastri Bhawan, Dr. R. P. Marg, New Delhi-110001 Dated: 20th May 2021 Circular To, All concerned stakeholders. Subject: Clarification on offsetting the excess CSR spent for FY 2019-20 - reg. Madam/ Sir, Keeping in view the spread of COVID-19 in India, an appeal dated 30.03.2020 was made to MDs/CEOs of top 1000 companies in terms of market capitalization, to contr..

Frequently Asked Question on Accounting for amounts to be incurred towards Corporate Social Responsibility (CSR) pursuant to the Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021 This FAQ has been issued by the Accounting Standards Board of the Institute of Chartered Accountants of India. Question: On January 22, 2021, the Ministry of Corporate Affairs notified the Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021. Pursuant to the amendment rul..

General Circular No. 09/2021  E-file no. CSR-01/5/2021-CSR-MCA  Government of India  Ministry of Corporate Affairs  5th Floor, 'A' Wing, Shastri Bhawan,  Dr. R. P. Marg, New Delhi - 110 001  Date: 05th May 2021  To,  All Stakeholders.    Subject: - Clarification on spending of CSR funds for 'creating health infrastructure for COVID care', 'establishment of medical oxygen generation and storage plants'..

MCA: 2021  Shri Rajesh Verma, IAS  Secretary  Ministry of Corporate Affairs  Government of India  Shastri Bhawan  Dr.Rajendra Prasad Road  New Delhi -110001  April 28, 2021  Subject: Request for extension of timelines for depositing unspent amount of ongoing CSR project in separate bank account under Section 135 of the Companies Act, 2013 due to the second wave of COVID-19-reg.  Respected Sir,  As your goodself is aware th..

  CSR-1 for Registration of Entities for undertaking CSR activities shall be available for filing as e-Form w.e.f 1st April 2021. Stakeholders may please take note and plan accordingly. ..