The document discusses the key aspects of corporate social responsibility (CSR) requirements for companies according to the Companies Act 2013 in India. It defines CSR and outlines the applicability to companies with a net worth of 500 crore rupees or more, turnover of 1000 crore rupees or more, or net profit of 5 crore rupees or more. It specifies that applicable companies must spend 2% of their average net profits of the previous three years on CSR activities related to issues like poverty, education, healthcare, environment and more.
The Companies Bill 2012 was passed in the Lok Sabha on 18 December 2012. The bill seeks to consolidate and improve corporate governance and further strengthen the regulations for the corporates. One of the noticeable features of the bill is introduction of the most debated concept of Corporate Social Responsibility (CSR). The attached presentation by Ms Gayatri Subramanian, Program Coordinator - CSR & Corporate Governance, Indian Institute of Corporate Affairs, New Delhi, presents a clear picture on the new CSR Bill.
Corporate social responsibility in Companies ACT 2013Vishwas Swamy
The document outlines the Corporate Social Responsibility (CSR) requirements for companies in India according to Chapter IX, Section 135 of the Companies Act of 2013. It defines CSR as how companies integrate social and environmental concerns into their operations and interactions with stakeholders. It requires companies meeting certain net worth, turnover, or profit thresholds to spend 2% of their average net profits of the previous three years on CSR activities. Eligible companies must form a CSR committee and develop a CSR policy specifying planned activities. The policy and an annual report detailing CSR efforts and expenditures must be disclosed publicly.
The document summarizes key aspects of the new CSR legislation in India as outlined in the Companies Act of 2013. It discusses that companies meeting certain net worth, turnover, or profit criteria must form a CSR committee comprising at least 3 directors including one independent director. The committee is responsible for recommending a CSR policy and budget. Companies must spend at least 2% of average net profits of the past three years on CSR activities listed in Schedule VII, such as poverty alleviation, education, healthcare, environment and more. Failure to do so requires board explanation.
Corporate Social Responsibility (CSR) refers to voluntary actions that businesses take to operate in an economically, socially, and environmentally sustainable manner. CSR acknowledges that companies have a responsibility to various stakeholders, including employees, customers, investors, communities, and the environment. CSR involves businesses integrating social and environmental concerns into their operations and interactions with stakeholders on a voluntary basis.
This document discusses community development in the Chitral district of Pakistan and the role of non-governmental organizations (NGOs). It notes that NGOs like the Aga Khan Rural Support Programme (AKRSP) and Sarhad Rural Support Programme (SRSP) have significantly improved infrastructure and quality of life through projects providing clean water, health facilities, education, renewable energy, roads and bridges. Specific projects undertaken by AKRSP and SRSP are described in detail.
The document discusses Section 80G of the Indian Income Tax Act, which provides tax deductions for donations made to certain funds and charitable institutions, allowing individuals and companies to receive a 50-100% tax deduction for eligible donations; it provides information on the eligibility requirements, application process, and validity periods for obtaining 80G certification, as well as examples of organizations that qualify for full or partial tax deductions.
Corporate Social Responsibility is a new and untouched phinomina for Indian Companies and introduction of it from Financial Year 2014-15 as compliance for selective categories of companies, there is going to be a far reaching impact of it into the society and economy
The document discusses the key aspects of corporate social responsibility (CSR) requirements for companies according to the Companies Act 2013 in India. It defines CSR and outlines the applicability to companies with a net worth of 500 crore rupees or more, turnover of 1000 crore rupees or more, or net profit of 5 crore rupees or more. It specifies that applicable companies must spend 2% of their average net profits of the previous three years on CSR activities related to issues like poverty, education, healthcare, environment and more.
The Companies Bill 2012 was passed in the Lok Sabha on 18 December 2012. The bill seeks to consolidate and improve corporate governance and further strengthen the regulations for the corporates. One of the noticeable features of the bill is introduction of the most debated concept of Corporate Social Responsibility (CSR). The attached presentation by Ms Gayatri Subramanian, Program Coordinator - CSR & Corporate Governance, Indian Institute of Corporate Affairs, New Delhi, presents a clear picture on the new CSR Bill.
Corporate social responsibility in Companies ACT 2013Vishwas Swamy
The document outlines the Corporate Social Responsibility (CSR) requirements for companies in India according to Chapter IX, Section 135 of the Companies Act of 2013. It defines CSR as how companies integrate social and environmental concerns into their operations and interactions with stakeholders. It requires companies meeting certain net worth, turnover, or profit thresholds to spend 2% of their average net profits of the previous three years on CSR activities. Eligible companies must form a CSR committee and develop a CSR policy specifying planned activities. The policy and an annual report detailing CSR efforts and expenditures must be disclosed publicly.
The document summarizes key aspects of the new CSR legislation in India as outlined in the Companies Act of 2013. It discusses that companies meeting certain net worth, turnover, or profit criteria must form a CSR committee comprising at least 3 directors including one independent director. The committee is responsible for recommending a CSR policy and budget. Companies must spend at least 2% of average net profits of the past three years on CSR activities listed in Schedule VII, such as poverty alleviation, education, healthcare, environment and more. Failure to do so requires board explanation.
Corporate Social Responsibility (CSR) refers to voluntary actions that businesses take to operate in an economically, socially, and environmentally sustainable manner. CSR acknowledges that companies have a responsibility to various stakeholders, including employees, customers, investors, communities, and the environment. CSR involves businesses integrating social and environmental concerns into their operations and interactions with stakeholders on a voluntary basis.
This document discusses community development in the Chitral district of Pakistan and the role of non-governmental organizations (NGOs). It notes that NGOs like the Aga Khan Rural Support Programme (AKRSP) and Sarhad Rural Support Programme (SRSP) have significantly improved infrastructure and quality of life through projects providing clean water, health facilities, education, renewable energy, roads and bridges. Specific projects undertaken by AKRSP and SRSP are described in detail.
The document discusses Section 80G of the Indian Income Tax Act, which provides tax deductions for donations made to certain funds and charitable institutions, allowing individuals and companies to receive a 50-100% tax deduction for eligible donations; it provides information on the eligibility requirements, application process, and validity periods for obtaining 80G certification, as well as examples of organizations that qualify for full or partial tax deductions.
Corporate Social Responsibility is a new and untouched phinomina for Indian Companies and introduction of it from Financial Year 2014-15 as compliance for selective categories of companies, there is going to be a far reaching impact of it into the society and economy
We at Shah Consultancy Services provide Consultancy in the ares of income tax, service tax, sales tax, Trust, Wills, family arrangements, corporate accounting, restructuring, Company Law and Secretarial matters, Tax planning and many more service
This document provides an overview of corporate social responsibility (CSR) in India. It discusses the evolution of CSR in India, including key government policies and the 2013 Companies Act which mandates that large companies spend 2% of profits on CSR activities. It also outlines definitions of CSR, benefits of CSR programs, and requirements for CSR committees and reporting under the Companies Act. Analysis of disclosures from over 1,270 companies found that total CSR spending in 2016-17 increased 27% from the previous year and was 92% of the amount required under the 2% mandate.
Corporate Social Responsibility - Section 135 of Companies Act, 2013Sahil Goel
Corporate social responsibility (CSR) refers to companies behaving ethically and contributing to economic development while improving quality of life, according to Lord Holme and Richard Watts. The document outlines the steps companies must take to comply with Section 135 of the Indian Companies Act, including constituting a CSR committee and formulating a CSR policy. Applicable companies must spend at least 2% of their average net profits over the past three years on CSR activities listed in Schedule VII, such as contributions to cleanliness funds. While CSR requires management efforts, it ultimately benefits society and the environment.
This document discusses CSR collaboration between companies and NGOs in India. It defines NGOs and their roles in areas like human rights, the environment, and poverty eradication. The document also categorizes NGOs based on their level of operation and orientation. It outlines the benefits of partnerships between companies and NGOs, including improved reputation and access to new markets for companies and increased funding and marketing for NGOs. Successful partnerships require effective communication, shared vision, and positive community relations.
The document discusses corporate social responsibility (CSR), including its definition, triple bottom line of people, planet and profit, types of CSR activities, and pyramid of CSR responsibilities ranging from economic to philanthropic. It provides examples of CSR practices by companies like Infosys and Coca-Cola in India, such as supporting education, healthcare, community development, and environmental conservation initiatives. The conclusion reiterates that CSR aims to ensure businesses balance their economic goals with responsibilities towards society and the environment.
This document discusses corporate social responsibility (CSR) in India. It defines CSR as corporations fulfilling their duty to care for society. It notes that the 2011 Companies Bill mandates that companies spend at least 2% of their average profits over the previous three years on CSR initiatives like eradicating hunger, promoting education, gender equality, and environmental sustainability. Only a few large companies like Tata Steel and ITC currently meet the 2% threshold. The document outlines pros of CSR like increased societal development and brand reputation, and cons like reduced profits and added burden on companies. It recommends making CSR mandatory while allowing tax deductions, and choosing between executive compensation and CSR spending.
A Nidhi Company is a type of non-banking financial company that is incorporated to provide savings opportunities and loan facilities to its members. Key requirements for a Nidhi Company include having a minimum paid up capital of Rs. 500,000 and issuing only equity shares of Rs. 10 nominal value. A Nidhi Company can accept various types of deposits from members and must use the deposits to provide loans only to its members, within specified limits. It must also comply with regulatory requirements regarding financial ratios, branch operations, auditors and dividend distribution.
The document discusses corporate social responsibility from several perspectives:
1. It defines CSR as a business's commitment to operate in an economically, socially, and environmentally sustainable manner while balancing stakeholder interests.
2. Businesses traditionally focused on profit maximization and shareholder value, but now have broader responsibilities to stakeholders and society through ethical practices, legal compliance, and contributing to economic development.
3. CSR has evolved from profit-centric and stakeholder models to one where businesses proactively address social issues like poverty, education, health, and the environment to improve quality of life.
Corporate social responsibility practices in indiaShivani .
Corporate social responsibility practices in India outlines the key concepts of CSR. CSR refers to corporate accountability for social impact and involves environmental improvement, stakeholder responsiveness, and economic development. CSR follows a triple bottom line of people, planet, and profit. It has evolved from an ethical to stakeholder model over time. Benefits of CSR programs include attracting employees, reputation gains, and avoiding negative press. Indian law requires large companies to spend 2% of profits on CSR activities.
This document discusses corporate social responsibility (CSR) and its evolution in India. It provides details on the history of CSR in India through various phases. It describes the provisions for CSR under the Companies Act 2013 and activities covered under Schedule VII. It discusses the role of banks in India in promoting financial inclusion, priority sector lending, self help groups (SHGs), and implementing various government rural development schemes.
This document discusses corporate social responsibility (CSR). It defines CSR as a company's commitment to sustainable development and defines its basic constituents as contributing to sustainable economic development, making desirable social changes, and improving the social environment. The document outlines the types of social responsibilities companies have, including responsibilities toward society, government, employees, shareholders, and consumers. It also discusses models of CSR, benefits of CSR, best practices, and the need for CSR.
Objectives & Agenda :
Issue by way of private placement of debentures provides a reliable source of finance to meet the long term funding needs of an enterprise. It can be issued by public and private companies. The webinar covers the statutory provisions under Companies Act, 2013 for issue of debentures on private placement basis, various procedures, compliance aspects involved and judicial precedents.
The document discusses the SEBI (ICDR) Regulations 2009 and recent amendments relating to issue management. It provides an overview of the key aspects regulated by the ICDR regulations including specified securities, structure of regulations, issues not regulated, and eligibility requirements for public issues. Recent amendments are highlighted including changes to preferential issues, QIP, book building process and minimum listing requirements. Key considerations for different types of public issues such as pricing, allocation and lock-ins are also summarized.
National Rural Livelihood Mission (NRLM) : An OverviewSayan Ghosh
National Rural Livelihood Mission (NRLM) is a poverty alleviation project implemented by the Ministry of Rural Development, Government of India. This scheme is focused on promoting self-employment and the organization of the rural poor. The basic idea behind this program is to organize the poor into SHG (Self Help Groups) groups and make them capable of self-employment. In 1999 after restructuring Integrated Rural Development Programme(IRDP), Ministry of Rural Development (MoRD) launched Swarnajayanti Grameen Swarojgar Yojana (SGSY) to focus on promoting self-employment among the rural poor. SGSY is now remodeled to form NRLM thereby plugging the shortfalls of the SGSY program. This PPT helps you to know about NRLM briefly.
Stakeholders play an important role in corporate social responsibility by using their influence and voting power to shape company goals and policies. Stakeholders have a social responsibility to act in the best interests of the entire company, its market and employees. This includes considering social impacts, pushing for ethical practices and transparency, and ensuring employee welfare. For a company to truly serve its stakeholders, it must integrate social and environmental responsibilities into its business model through practices of corporate social responsibility.
Urban health issues role of government.Dr Chetan C P
Discussion about urban health issues. Why health cannot be addressed in isolation. Trend of health care financing in India. The potential of technology leverage to address access and finally looking at financing solutions to achieve SDG'd.
This document discusses the redemption of preference shares and bonus issues. It begins by defining preference shares and outlining their preferential rights over equity shares. It then describes the different types of preference shares, including cumulative, non-cumulative, participative, non-participative, convertible, redeemable, and irredeemable. The document focuses on redeemable preference shares, outlining the key provisions around their redemption according to the Companies Act. It discusses the conditions of redemption, including shares being fully paid, redeemed out of profits or fresh issue, and the creation of a capital redemption reserve. Finally, it provides journal entries for the redemption process.
The document summarizes key changes to CSR provisions in India based on recent amendments. It defines CSR under the Companies Act and outlines changes to CSR committees, unspent CSR funds, ongoing projects, implementation agencies, annual reporting, impact assessments, and penal provisions. The amendments enhanced disclosures, allowed multi-year projects, specified unspent funds be transferred to a government fund or used in ongoing projects, and increased penalties for non-compliance.
We at Shah Consultancy Services provide Consultancy in the ares of income tax, service tax, sales tax, Trust, Wills, family arrangements, corporate accounting, restructuring, Company Law and Secretarial matters, Tax planning and many more service
This document provides an overview of corporate social responsibility (CSR) in India. It discusses the evolution of CSR in India, including key government policies and the 2013 Companies Act which mandates that large companies spend 2% of profits on CSR activities. It also outlines definitions of CSR, benefits of CSR programs, and requirements for CSR committees and reporting under the Companies Act. Analysis of disclosures from over 1,270 companies found that total CSR spending in 2016-17 increased 27% from the previous year and was 92% of the amount required under the 2% mandate.
Corporate Social Responsibility - Section 135 of Companies Act, 2013Sahil Goel
Corporate social responsibility (CSR) refers to companies behaving ethically and contributing to economic development while improving quality of life, according to Lord Holme and Richard Watts. The document outlines the steps companies must take to comply with Section 135 of the Indian Companies Act, including constituting a CSR committee and formulating a CSR policy. Applicable companies must spend at least 2% of their average net profits over the past three years on CSR activities listed in Schedule VII, such as contributions to cleanliness funds. While CSR requires management efforts, it ultimately benefits society and the environment.
This document discusses CSR collaboration between companies and NGOs in India. It defines NGOs and their roles in areas like human rights, the environment, and poverty eradication. The document also categorizes NGOs based on their level of operation and orientation. It outlines the benefits of partnerships between companies and NGOs, including improved reputation and access to new markets for companies and increased funding and marketing for NGOs. Successful partnerships require effective communication, shared vision, and positive community relations.
The document discusses corporate social responsibility (CSR), including its definition, triple bottom line of people, planet and profit, types of CSR activities, and pyramid of CSR responsibilities ranging from economic to philanthropic. It provides examples of CSR practices by companies like Infosys and Coca-Cola in India, such as supporting education, healthcare, community development, and environmental conservation initiatives. The conclusion reiterates that CSR aims to ensure businesses balance their economic goals with responsibilities towards society and the environment.
This document discusses corporate social responsibility (CSR) in India. It defines CSR as corporations fulfilling their duty to care for society. It notes that the 2011 Companies Bill mandates that companies spend at least 2% of their average profits over the previous three years on CSR initiatives like eradicating hunger, promoting education, gender equality, and environmental sustainability. Only a few large companies like Tata Steel and ITC currently meet the 2% threshold. The document outlines pros of CSR like increased societal development and brand reputation, and cons like reduced profits and added burden on companies. It recommends making CSR mandatory while allowing tax deductions, and choosing between executive compensation and CSR spending.
A Nidhi Company is a type of non-banking financial company that is incorporated to provide savings opportunities and loan facilities to its members. Key requirements for a Nidhi Company include having a minimum paid up capital of Rs. 500,000 and issuing only equity shares of Rs. 10 nominal value. A Nidhi Company can accept various types of deposits from members and must use the deposits to provide loans only to its members, within specified limits. It must also comply with regulatory requirements regarding financial ratios, branch operations, auditors and dividend distribution.
The document discusses corporate social responsibility from several perspectives:
1. It defines CSR as a business's commitment to operate in an economically, socially, and environmentally sustainable manner while balancing stakeholder interests.
2. Businesses traditionally focused on profit maximization and shareholder value, but now have broader responsibilities to stakeholders and society through ethical practices, legal compliance, and contributing to economic development.
3. CSR has evolved from profit-centric and stakeholder models to one where businesses proactively address social issues like poverty, education, health, and the environment to improve quality of life.
Corporate social responsibility practices in indiaShivani .
Corporate social responsibility practices in India outlines the key concepts of CSR. CSR refers to corporate accountability for social impact and involves environmental improvement, stakeholder responsiveness, and economic development. CSR follows a triple bottom line of people, planet, and profit. It has evolved from an ethical to stakeholder model over time. Benefits of CSR programs include attracting employees, reputation gains, and avoiding negative press. Indian law requires large companies to spend 2% of profits on CSR activities.
This document discusses corporate social responsibility (CSR) and its evolution in India. It provides details on the history of CSR in India through various phases. It describes the provisions for CSR under the Companies Act 2013 and activities covered under Schedule VII. It discusses the role of banks in India in promoting financial inclusion, priority sector lending, self help groups (SHGs), and implementing various government rural development schemes.
This document discusses corporate social responsibility (CSR). It defines CSR as a company's commitment to sustainable development and defines its basic constituents as contributing to sustainable economic development, making desirable social changes, and improving the social environment. The document outlines the types of social responsibilities companies have, including responsibilities toward society, government, employees, shareholders, and consumers. It also discusses models of CSR, benefits of CSR, best practices, and the need for CSR.
Objectives & Agenda :
Issue by way of private placement of debentures provides a reliable source of finance to meet the long term funding needs of an enterprise. It can be issued by public and private companies. The webinar covers the statutory provisions under Companies Act, 2013 for issue of debentures on private placement basis, various procedures, compliance aspects involved and judicial precedents.
The document discusses the SEBI (ICDR) Regulations 2009 and recent amendments relating to issue management. It provides an overview of the key aspects regulated by the ICDR regulations including specified securities, structure of regulations, issues not regulated, and eligibility requirements for public issues. Recent amendments are highlighted including changes to preferential issues, QIP, book building process and minimum listing requirements. Key considerations for different types of public issues such as pricing, allocation and lock-ins are also summarized.
National Rural Livelihood Mission (NRLM) : An OverviewSayan Ghosh
National Rural Livelihood Mission (NRLM) is a poverty alleviation project implemented by the Ministry of Rural Development, Government of India. This scheme is focused on promoting self-employment and the organization of the rural poor. The basic idea behind this program is to organize the poor into SHG (Self Help Groups) groups and make them capable of self-employment. In 1999 after restructuring Integrated Rural Development Programme(IRDP), Ministry of Rural Development (MoRD) launched Swarnajayanti Grameen Swarojgar Yojana (SGSY) to focus on promoting self-employment among the rural poor. SGSY is now remodeled to form NRLM thereby plugging the shortfalls of the SGSY program. This PPT helps you to know about NRLM briefly.
Stakeholders play an important role in corporate social responsibility by using their influence and voting power to shape company goals and policies. Stakeholders have a social responsibility to act in the best interests of the entire company, its market and employees. This includes considering social impacts, pushing for ethical practices and transparency, and ensuring employee welfare. For a company to truly serve its stakeholders, it must integrate social and environmental responsibilities into its business model through practices of corporate social responsibility.
Urban health issues role of government.Dr Chetan C P
Discussion about urban health issues. Why health cannot be addressed in isolation. Trend of health care financing in India. The potential of technology leverage to address access and finally looking at financing solutions to achieve SDG'd.
This document discusses the redemption of preference shares and bonus issues. It begins by defining preference shares and outlining their preferential rights over equity shares. It then describes the different types of preference shares, including cumulative, non-cumulative, participative, non-participative, convertible, redeemable, and irredeemable. The document focuses on redeemable preference shares, outlining the key provisions around their redemption according to the Companies Act. It discusses the conditions of redemption, including shares being fully paid, redeemed out of profits or fresh issue, and the creation of a capital redemption reserve. Finally, it provides journal entries for the redemption process.
The document summarizes key changes to CSR provisions in India based on recent amendments. It defines CSR under the Companies Act and outlines changes to CSR committees, unspent CSR funds, ongoing projects, implementation agencies, annual reporting, impact assessments, and penal provisions. The amendments enhanced disclosures, allowed multi-year projects, specified unspent funds be transferred to a government fund or used in ongoing projects, and increased penalties for non-compliance.
The amended CSR rules introduce several changes that will impact how companies recognize and fulfill their CSR obligations:
1. Companies must now spend their entire CSR obligation for the year, with any unspent amount required to be transferred to specified government funds.
2. The definition of CSR now includes a "negative list" that excludes certain activities such as normal business activities or political donations from qualifying as CSR expenditures.
3. Implementing agencies must now be registered with relevant authorities, and companies will need to verify the registrations of these agencies. Any spend through unregistered agencies may not count toward a company's CSR obligation.
4. Companies will need to review their policies, processes, and financial closing procedures to ensure
Study tip 7 Corporate Social Responsibility by Dipti DhakulDipti Dhakul
COMPANY SECRETARY: COMPANY LAW
Corporate Social Responsibility
The functions of CSR Committee
• To formulate and recommend to the Board, a CSR Policy which would indicate the activities to be undertaken ïn areas or subject, specified in Schedule VII of the Act.
• To recommend the amount of the expenditure to be incurred on the activities undertaken in pursuance of the CSR policy.
• To institute a transparent monitoring mechanism for implementation of the CSR projects or programs or activities undertaken by the company.
• To monitor the CSR policy of the company time to time.
The document discusses the key aspects of corporate social responsibility (CSR) as outlined in the Companies Act 2013 in India. It defines CSR and explains that companies meeting certain profit, turnover or net worth criteria must spend 2% of their net profits on CSR activities related to issues like poverty, education, healthcare, environment and more. It provides details on CSR committees, eligible CSR activities and programs, spending requirements, and reporting formats. The legal obligations associated with CSR spending and a list of eligible CSR activities are also summarized.
The Companies Act, 2013 requires every eligible company in India to spend 2% of their profits on Corporate Social Responsibility (“CSR”) activities. The company’s Board is entrusted with the responsibility of ensuring proper compliance with the requirement. CSR activities, unlike traditional charity, should be carried out in ‘project mode’ in areas specified in the regulations. The regulations also require preparation of a CSR policy & an annual action plan for undertaking targeted CSR projects during the year.
The document discusses corporate social responsibility (CSR) in India as mandated by the Companies Act of 2013. Some key points:
- India was the first country to mandate that companies spend 2% of their net profits on CSR activities. This applies to companies with over 500 crore net worth or 1000 crore turnover.
- Eligible CSR activities include eradicating hunger, promoting education, gender equality, and environmental sustainability.
- Companies must form a CSR committee and develop a CSR policy. They must report on CSR initiatives annually.
- The Act aims to promote greater transparency around companies' social and environmental impacts. A minimum of 6000 companies will need to undertake CSR projects to comply.
Business & Industry - CSR - Industrial Policy - CSR Committee - Resposibilities of the Committee - Format of Reporting - CSR Policy - List of CSR Activities
India became the first country to mandate spend on CSR activities through a statutory provision after the President of India gave assent to the Companies Bill, 2013,.
The Provision of Corporate Social Responsibility (CSR) are effective from financial year 2014-15.
As per Section 135 of the Act, every company with a specified net worth or turnover or net profit are required to mandatorily spend 2 percent of its average net profit towards specified CSR activities.
Though many corporate houses in India have been doing CSR activities voluntarily, the new CSR provisions put formal and greater responsibility on companies to set out clear framework and process to ensure strict compliance.
The Board of Directors of the companies are responsible to ensure that the company spends the mandatory CSR spend on specified CSR activities in accordance with the CSR policy of the company and disclose the CSR policy and CSR activities of the company as specified in the provisions.
Each qualifying company should form a CSR committee which will formulate the CSR policy of the company and effectively monitor the CSR activities of the company.
The Ministry of Corporate Affairs (MCA) has issued draft rules on CSR for public discussion. The said draft CSR rules lay down the framework and guidance on the manner in which every eligible company is expected to undertake CSR initiatives.
Presentation prepared based on the Section 135 of the Companies Act, 2013 , Companies (Corporate Social Responsibility Policy) Rules, 2014 and Revised Schedule VII of the CA 2013.
Corporate Social Responsibility (Company Law) by Vishal RanawareVishal Ranaware
This document provides an overview of corporate social responsibility (CSR) in India. It defines CSR and outlines its objectives. It discusses the Indian Company Law provisions related to CSR, including requirements for CSR committees and expenditures. Companies meeting certain criteria must spend 2% of their net profits on CSR activities focused on priority areas like poverty, education, and environment. The document analyzes implementation of CSR projects in India and compliance requirements like CSR reporting.
CORPORATE SOCIAL RESPONSIBILITY_fda0741469d29a7ff863ec5a3f1b9072.pptxitech2017
The document outlines corporate social responsibility (CSR) requirements for companies in India according to the Companies Act of 2013. It defines CSR as activities that benefit society and the environment, such as education programs, environmental conservation, and healthcare. The Act requires companies meeting certain criteria to establish a CSR committee and policy and spend at least 2% of their net profits on qualifying CSR activities. It provides guidance on governance, eligible activities, spending and reporting requirements to ensure companies conduct ethical business practices and contribute to social welfare.
Recent development in the companies act 2013KhushiVijay5
The document discusses several key amendments made to the Companies Act through recent ordinances. Some key changes include allowing companies more flexibility in holding annual general meetings, increasing the timeframe to update a registered office, removing imprisonment as punishment for certain offenses and instead imposing financial penalties, relaxing rules around director loans and remuneration, and delegating more powers from the NCLT to regional authorities to help de-clog the system. The changes aim to make compliance easier for companies while still promoting transparency and investor protection.
This document outlines the regulatory and policy framework around corporate social responsibility (CSR) in India, including provisions from the Companies Act 2013. It discusses the CSR requirements and guidelines from regulatory bodies like SEBI and the Ministry of Corporate Affairs. Key highlights include the qualifying criteria for companies to have a CSR policy, composition and role of the CSR committee, areas of focus for CSR activities, spending requirements, and implementation and reporting mechanisms.
What are the practical difficulties faced by NGOs while applying for tax exemptions? What are the caution points to avoid their withdrawal? Why do donors or NGOs need to put internal controls in place? What are the types of fund raising and the checklist that must be answered before accepting a donation? What is funding mix? How to combat the difficulties faced by NGOs during fund raising?
How to prepare budgets and what are the check points that make budgets an effective reporting tool?
Get all your queries answered.
SCRAPPING OF RETRO TAX PROVISIONS : A REVIVAL OF OVERSEAS INTEREST IN INDIADVSResearchFoundatio
The document summarizes the scrapping of retroactive tax provisions in India. It provides background on retroactive taxation laws introduced in 2012 in response to court rulings. It analyzes prominent cases like Vodafone and Cairn Energy that challenged the retroactive taxes under bilateral investment treaties. The Taxation Laws Amendment Act of 2021 was passed to scrap these retroactive provisions and provide tax refunds to affected companies like Cairn Energy. The act aims to improve India's reputation as an investment destination and revive interest from foreign investors.
Key Takeaways: - Analysis of section 45(4), section 9B of the Income Tax Act...DVSResearchFoundatio
Key Takeaways:
- Analysis of section 45(4), section 9B of the Income Tax Act and Rule 8AA and Rule 8AB of Income Tax Rules
- Illustrations to understand the relevant impact
- Critical Issues concerned with the provisions
Key Takeaways:
- Facts of the case
- Issues and Orders of the case
- Contention of the parties
- Observations by Honourable Supreme Court
- Conclusions
Key Takeaways:
- Facts of the case
- Issues and Orders of the case
- Contention of the parties
- Observations by Honourable Supreme Court
- Conclusions
FALLACIOUS DISREGARDING OF TRANSACTIONS THAT RESULT IN A TAX BENEFIT TO THE A...DVSResearchFoundatio
Key Takeaways:
- Facts of the case
- AO's contention
- Ruling of CIT(A) and issues for consideration of the ITAT
- Observations of ITAT
- Final Ruling
- Way Forward
ALLOWABILITY OF OUTSTANDING INTEREST CONVERTED INTO DEBENTURES AS AN EXPENSE ...DVSResearchFoundatio
The Supreme Court ruled that the conversion of outstanding interest into debentures by the assessee company qualified for deduction under Section 43B of the Income Tax Act. The conversion was done under a rehabilitation plan agreed with institutional creditors to extinguish the interest liability. The Court observed that Section 43B was not meant to affect bona fide transactions, and debentures were different than loans/borrowings under Explanation 3C. It set aside the High Court's decision and allowed the assessee's claim for deduction, noting the conversion was an actual payment of interest rather than postponing the liability.
Key Takeaways:
- Facts of the case
- Issues and Orders
- Contention of the parties
- Observations of Honourable Supreme Court
- Conclusion and way forward
This document outlines the process and documentation required for an SME to obtain an in-principle approval for an initial public offering (IPO) listing on the National Stock Exchange of India (NSE). It details the documents required to be submitted on T+2, T+3, T+4, and T+5 days from the date of in-principle approval to finalize the listing. These include annual reports, board resolutions, shareholding details, basis of allotment, post-issue shareholding pattern, and confirmation from issuers, merchant bankers, and statutory auditors. It also provides information on NEAPS platform registration and payment of processing and annual listing fees.
What are the post listing compliance norms for SME entities?DVSResearchFoundatio
The document summarizes post-listing compliance norms for small and medium enterprises (SMEs) listed on SME exchanges in India. It discusses requirements for further capital issues, green shoe options, migration to the main board, further public offerings, and mandatory and voluntary disclosures. Key requirements include making full disclosures for further issues, obtaining shareholder approval for green shoe options, complying with eligibility criteria for migration, and submitting regular financial disclosures and statements on the use of IPO proceeds.
1) Prior to listing on an SME exchange, a company must file an offer document with SEBI and the relevant stock exchange and appoint qualified intermediaries like lead managers, registrars, and syndicate members.
2) The company must make required disclosures in the offer document and the lead manager must conduct due diligence on these disclosures.
3) After filing the offer document, the company must price the issue, keep the issue open for subscription for at least 3 days, and ensure the issue is underwritten and market making arrangements are in place.
This document outlines the criteria for Small and Medium Enterprises (SMEs) to list on the SME platforms of the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) in India. The key eligibility criteria are a positive net worth, a track record of at least 3 years of operations, and operating profits over the last 2-3 years. Additional disclosure requirements include details on directors, regulatory actions, litigation status, and defaults. SMEs listed can later migrate to the main board of the exchanges if they meet certain criteria like company size and track record. As of now, over 220 companies are listed on NSE's SME platform and over 100 have migrated from BSE's SME platform
Key Takeaways:
- Background and Overview of Legal Provision
- Facts of the Case
- Contentions of the Assessee and Revenue
- Supreme Court’s Verdict
- Key Learnings and Way Forward
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Key Takeaways:
- Background and Overview of Legal Provision
- Facts of the Case
- Contentions of the Assessee and Revenue
- Supreme Court’s Verdict
- Key Learnings and Way Forward
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2. Legends Used
BOD Board of Directors
CARES Citizen Assistance and Relief in Emergency
Situations
CSR Corporate Social Responsibility
FY Financial Year
PM Prime Minister
UT Union Territory
w.e.f. with effect from
3. Presentation Schema
Definitions introduced in CSR
Amendment Rules, 2021
Annual Action Plan Set off of CSR Expenditure
Utilisation of CSR Surplus
Creation / acquisition of
capital asset
Statistics
5. Corporate Social Responsibility
CSR Applicability:
Companies having net worth of Rs.500 crore or more or
Turnover of Rs.1000 crore or more or
Net profit or Rs.5 crore or more
CSR Expenditure:
At least 2% of the average net profits of the Company made during the 3
immediately preceding financial years
CSR Committee:
Not required to be constituted for the FY, in which the CSR spend does not
exceeds Rs.50 lakhs. In that case, activities relating to CSR will be carried by
the BOD of the Company
Rationale of CSR Rules: To remove the ambiguity and for clear understanding of CSR provisions,
Companies (CSR Policy) Amendment Rules, 2021 has been introduced
7. Administrative
overheads
Includes: general management and
administration of CSR functions in the
company
Excludes: expenses directly incurred for
the designing, implementation, monitoring
and evaluation of a particular CSR project
or programme
Clarity for Administrative overheads
+
Expenditure incurred by the
company for building CSR
capacities of their own
personnel as well as those of
their implementing agencies
through institutions with
established track record of at
least 3 FYs
shall not exceed 5% of
total CSR expenditure
of the company in 1 FY
8. CSR Activity
(excludes)
Any activity
undertaken outside
India except for
Indian sports person
representing state /
UT / Country
Activities benefitting
employees of the
Company as defined
in Code on Wages,
2019
Activities supported
by the companies on
sponsorship basis for
deriving marketing
benefits for its
products / services
Activities carried out
for fulfilment of any
other statutory
obligations under
any law in force in
India
Additional activities not covered under CSR
Illustration: Amount spent towards
higher education in abroad for a
group of students:
1. Is promotion of Education a
Schedule VII activity? - Yes
2. But, will the expenditure incurred
for a student being an Indian
resident be covered under CSR if it is
spent abroad ?– No
Thus, it will not form part of CSR
Expenditure
The definition of
employees, excludes
apprentice and Armed
forces of the Union
10. Introduction of annual action plan
Additional duty of CSR Committee
Annual
action plan
List of approved
CSR projects /
programmes
that are
Manner of
execution of
such projects /
programmes
Modalities of
utilisation of
funds and
implementation
schedules
Monitoring and
reporting
mechanism
Details of need
and impact
assessment
• Impact Assessment applicability: Every company having average CSR obligation of Rs.10 crores or more, in
the 3 immediately preceding FYs
• To undertake the assessment through an independent agency, of their CSR projects having outlays of Rs.1
crore or more and which have been completed not less than 1 year before undertaking the impact study
• Impact assessment reports shall be placed before the Board and annexed to the annual report on CSR
• This can be treated as CSR expenditure for that FY (Limit: not exceeding 5% of the total CSR expenditure for
that financial year or Rs.50 lakhs, whichever is less)
11. • Earlier provision:
• CSR activities can be implemented by the Companies either by itself or
through Section 8 Company or registered trust or registered society
• After amendment:
• CSR activities can be implemented by the Companies either by itself or
through Section 8 Company or registered public trust or registered society
under sections 12A and 80G of the Income Tax Act, 1961
Analysis: If the CSR activity of the Company is implemented through trust or society
other than the ones established by Central Government / State Government, then it has
to be a registered public trust and a registered society with registrations under Sections
12A and 80G of the Income Tax Act, 1961
CSR Implementation
12. Introduction of CSR form
• Before amendment:
• Form: Reply_to_call_for_information_on_CSR – This was the only e-form
introduced relating to CSR activities.
• Purpose of the Form: This Form has to be filed when notice for Call for Information
on CSR is sent to the companies subject to CSR expenditure but failed to spend the
money as earmarked
• After amendment:
• Form CSR-1 – Every entity covered under Rule 4 (1), who intends to undertake CSR
activity has to register with Central Government by filing this form w.e.f. 1st April,
2021
• Filing of this form shall not affect the CSR projects or programmes approved prior to
this date
14. Classification of CSR Projects
Ongoing project Other than ongoing project
• Multi-year project undertaken for a period
not exceeding 3 years excluding the FY in
which it was commenced
• Not expressly defined in the CSR Rules but
based on the definition of Ongoing projects
following can be treated as other than
ongoing project:
• Projects undertaken for that particular
financial year alone
• Any project which was initially not
approved as multi-year project, but its
duration extended more than a year by the
BOD based on reasonable justification
• Projects with duration exceeding 3 years
excluding the year of commencement
Rationale for the classification: Manner of dealing with unspent CSR Expenditure
15. Unspent CSR Amount
Particulars Ongoing project Other than ongoing project
Manner of dealing I - Transfer to Unspent CSR account
opened in a Scheduled bank and
utilize the same towards CSR policy
within 3 FYs from the date of transfer
II- Transfer to the Fund specified in
Schedule VII, in case of failure to
spend the amount transferred to
Unspent CSR account within 3 FYs
Transfer to the Fund specified
in Schedule VII
Time limit I - Within a period of 30 days from
the end of FY
II – Within a period of 30 days from
the end of 3rd FY
Within a period of 6 months
from the end of FY
Funds specified in Schedule VII – Clean Ganga Fund, PM National relief fund, PM CARES Fund and any
other fund set up by the Central Government for socio economic development and relief and welfare of
the schedule caste, tribes, other backward classes, minorities and women
17. CSR Surplus
It will not form part of business profits of the Company and it cannot be used for
set off of CSR expenditure
Such amount can be further used for the same CSR project or
Shall be transferred to Unspent CSR amount and as per CSR policy or
Transfer such surplus amount to the funds specified in Schedule VII within a
period of 6 months of the expiry of the FY
19. Creation / Acquisition of Capital Asset
Company established under section 8 of the Act / a Registered Public Trust /
Registered Society, having charitable objects and CSR Registration Number
Beneficiaries of the said CSR project, in the form of self-help groups,
collectives, entities
A public authority
Capital asset created prior to the amendment: Comply with the above provision
within 180 days after the commencement of the Rules (extension of 90 days with
the approval of Board)
CSR amount may be spent by a company for creation / acquisition of capital asset,
which shall be held by-
20. • Companies may engage even international organisations (notified by the
Central Government under United Nations (Privileges and Immunities) Act,
1947)
• for designing, monitoring and evaluation of the CSR projects / programmes
as per its CSR policy as well as for capacity building of their own personnel
for CSR
• Chief Financial Officer of the Company / any person responsible for financial
management shall certify
• that the funds so disbursed are utilized for the purposes of CSR
Miscellaneous provisions
22. No. of companies vs. CSR spent
Source: National CSR Data Portal
• CSR amount spent by the
companies in India
• As of now, majority of the
companies are spending in the
CSR contributions up to a sum
of Rs.50 lakhs
23. Top 10 states in India basis CSR Spent FY 19-20
Haryana
Rs.
143 Cr.
Source: National CSR Data Portal
• 365 companies in Maharashtra
carry on CSR activities in 19 out
of 36 districts
24. Contribution towards CSR
Source: National CSR Data Portal
Contribution towards CSR during
FY 19-20
Limit No. of companies
Exact amount as
prescribed
108
Less than prescribed 248
More than prescribed 621
Zero spent
companies
98
Though, there are companies which have
not spent on CSR and less spent
companies, 57% of the total companies
covered under CSR provisions are spending
more than the amount as prescribed under
the Act / Rules.
25. Contribution towards CSR
Source: National CSR Data Portal
Top 3 sectors of CSR spending:
1st - Education, differently abled, livelihood
2nd – Health, eradicating hunger, poverty and malnutrition, safe drinking water, sanitation
3rd – Rural development
26. • CSR activity has become mandatory from voluntary for the development of society
• Statistics of CSR spend in India depicts the voluntary contribution of various
companies
• Amendment has clarified certain ambiguities in CSR spend
Conclusion