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CSR

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Whether even private companies meeting the eligbility criteria prescribed in section 135 are required to comply with CSR requireme Read More
Whether even private companies meeting the eligbility criteria prescribed in section 135 are required to comply with CSR requirement ? If yes, then they are also required to appoint Independent Directors?

Views (2426)
Posted By: Anjali 12 year(s) ago

Answer

A Company is required to spend say Rs.10 on CSR in the FY 2014-15. The amount of Rs.10 is based on 2 of average PBT of the FY 2011 Read More
A Company is required to spend say Rs.10 on CSR in the FY 2014-15. The amount of Rs.10 is based on 2 of average PBT of the FY 2011:12, 2012:13 and 2013:14. In the FY 2014:15, the Company actually spent Rs.5 on the CSR projects identified by it and Rs.3 will be spent on the same projects in the next FY, leaving Rs.2 not to be spent by it. The Board also gives reasons for not spending Rs.2 to its shareholders. With this background, my Question is –How Companies will record the amount under CSR Pool, as it is not in the nature of “Reserve”, which can be brought back to Profit. In the given case, where the amount i.e. Rs.2 not spent will go. As per the Draft CSR Rules, surplus arising out of the CSR activity will not be part of business profits of the company. | By. DS Mahajan

Views (2260)
Posted By: Vivek vijay 12 year(s) ago

Answer

For unlisted public companies, independent directors are required now for companies with turnover, sharecapital criterion. Time li Read More
For unlisted public companies, independent directors are required now for companies with turnover, sharecapital criterion. Time limit of 1 year is given to comply with this. However for CSR purpose, the company need to create CSR committee. Can company create CSR committe with all non-independent Directors? as company dont have any independent director and not required as such.

Views (2134)
Posted By: Chandra 12 year(s) ago

Answer

Please clarify the activities eligible under the final Schedule VII of the CSR for which Income tax adjustment would be applicable Read More
Please clarify the activities eligible under the final Schedule VII of the CSR for which Income tax adjustment would be applicable.Thank you

Views (2398)
Posted By: V.b. mahajan 11 year(s) ago

Answer

Could you pl confirm whether to carry out CSR activity, a company can float a charitable trust as settlor and PROMOTER director Read More
Could you pl confirm whether to carry out CSR activity, a company can float a charitable trust as settlor and PROMOTER director as Trustees.Can this new Trust shall carry out the CSR activities on behalf of Company or for other companies also?

Views (3770)
Posted By: Sanjay dewan 11 year(s) ago

Answer

As per CSR law & rule CSR committee should have three Director one of them should be independent director ( if applicable to the c Read More
As per CSR law & rule CSR committee should have three Director one of them should be independent director ( if applicable to the company concerned ) . Can Non Director be member of CSR committee ?

Views (2474)
Posted By: Pradeep panda 11 year(s) ago

Answer

Whether to find out applicability of CSR provisions as per Sec 135 of the Companies Act 2013, the threshold limits should be met d Read More
Whether to find out applicability of CSR provisions as per Sec 135 of the Companies Act 2013, the threshold limits should be met during the current financial year 2014-2015 or even if any of the threshold limit is met during any of the three preceding financial years CSR will be applicable ? Pl. Clarify?

Views (2453)
Posted By: Mukund govindharajan 11 year(s) ago

Answer

One company is covered for compliance CSR. The company desires to contribute Prime Minister’s Relief Fund have 100% Income Tax exe Read More
One company is covered for compliance CSR. The company desires to contribute Prime Minister’s Relief Fund have 100% Income Tax exemption. Please provide contact detail for sending the contribution.

Views (2128)
Posted By: Sunil kumar agrawal 10 year(s) ago

Answer

Our PBT for the year 2014-15 is Rs.4.76 Cr. approx. PBT for last three years is detailed below :- 2011-12 Rs.5,02,04,382 201 Read More
Our PBT for the year 2014-15 is Rs.4.76 Cr. approx. PBT for last three years is detailed below :- 2011-12 Rs.5,02,04,382 2012-13 Rs.5,59,04,263 2013-14 Rs.4,31,45,900 You are requested to please advise whether or not CSR is applicable to us.

Views (2412)
Posted By: Pooja hiranandani 10 year(s) ago

Answer

Whether CSR can be given to a trust with eligible objects by way of corpus fund? Read More
Whether CSR can be given to a trust with eligible objects by way of corpus fund?

Views (2226)
Posted By: Pawan 10 year(s) ago

Answer

Rule 2f of the CSR Rules, 2014 provides meaning of the net profit of a company as per its financial statement prepared in accordan Read More
Rule 2f of the CSR Rules, 2014 provides meaning of the net profit of a company as per its financial statement prepared in accordance with the applicable provisions of the Act, but shall not include the following, namely:— ii any dividend received from other companies in India, which are covered under and complying with the provisions of section 135 of the Act: Here I wish to know that any dividend received would be deducted from profit before tax or dividend is to be deducted of only those declaring cos which are covered under Section 135 of the Act. If yes to second option, whether disclosure of reason in Directors Report of not complying CSR liability shall be considered as compliance for the purpose of these rules.

Views (1578)
Posted By: Rakesh jain 10 year(s) ago

Answer

We have done fair valuation of warrants due to which there is notional profit arising and credited to p/l and so do we need to red Read More
We have done fair valuation of warrants due to which there is notional profit arising and credited to p/l and so do we need to reduce this amount from profit while calculating for CSR

Views (1934)
Posted By: Sanjay solanki 10 year(s) ago

Answer

A Company having Rs. 5.00 cr. net profit in a year in last three financial year but having net average loss of Rs. (50.00) lacs. Read More
A Company having Rs. 5.00 cr. net profit in a year in last three financial year but having net average loss of Rs. (50.00) lacs. Can Company give following disclosure in the Board Report for CSR : a. Average net profit of the Company for last three financial year - NIL b. Prescribed CSR expenditure (2% of the average net profit) - NIL OR disclosure should be given any other manner ?

Views (1917)
Posted By: Sanjay sharma 10 year(s) ago

Answer

Activities Covered under CSR inadvertently shown under the head Donation. Whether can be claimed as a CSR Expenditure ? Read More
Activities Covered under CSR inadvertently shown under the head Donation. Whether can be claimed as a CSR Expenditure ?

Views (2655)
Posted By: Arun rajabhau joshi 9 year(s) ago

Answer

I need clarification on two points:- a} Whether training on sustainable training to farmers by any corporate (Textile Unit) can Read More
I need clarification on two points:- a} Whether training on sustainable training to farmers by any corporate (Textile Unit) can be considered as a CSR Activity? b) Whether any pest control services (Rodent and Mosquito Control) rendered to any government hospital can be considered as a CSR Activity (Preventive Healthcare)? Please revert with your expert comment. Regards/ Dharmesh Dixit

Views (1911)
Posted By: Dharmesh dixit 8 year(s) ago

Answer

Sir, In Private company, there is capital profit of Rs 25 Crore on sale of long term investment in FY 2014-2015 , Investment Pur Read More
Sir, In Private company, there is capital profit of Rs 25 Crore on sale of long term investment in FY 2014-2015 , Investment Purchased in FY 2009-2010. further there is loss from Business activities in FY 2014-2015. but above capital gain converts loss in huge net profit exceeding Rs 5 crore . my question is whether CSR is applicable in this Company on the basis of Net profit creteria. if yes then how. manoj kumar singh Mobile No.9999982606

Views (1978)
Posted By: Manoj kumar singh 10 year(s) ago

Answer

A Company covered under CSR wants to distribute scholarships to poor and deserving students. Whether the expenditure incurred on f Read More
A Company covered under CSR wants to distribute scholarships to poor and deserving students. Whether the expenditure incurred on function organized for distributing scholarship will be covered under CSR budget ?

Views (3005)
Posted By: Hardam singh 10 year(s) ago

Answer

As per Rule 4(2) of the Companies (Corporate Social Responsibility Policy) Rules, can we use LLP to under take CSR activity of the Read More
As per Rule 4(2) of the Companies (Corporate Social Responsibility Policy) Rules, can we use LLP to under take CSR activity of the comany?

Views (1977)
Posted By: Ramnik bhimani 10 year(s) ago

Answer

Can profit on sale of land be considered for profit for the purpose of contribution to CSR? Read More
Can profit on sale of land be considered for profit for the purpose of contribution to CSR?

Views (2353)
Posted By: Kamlesh 10 year(s) ago

Answer

Budget has categorically disallowed all amounts spent on CSR from Income. So there are only instances where CSR can be allowed as Read More
Budget has categorically disallowed all amounts spent on CSR from Income. So there are only instances where CSR can be allowed as expense. a) The assesse has to prove that the expense is directly relateed to his business or b) It should be covered under Sections 30 to 36 of the IT Act. Can anyone tell me if there are any CSR expenses in Sec 30 to 36 which which aligns with Sec 135 read with Schedule VII of the CA 2013?.

Views (1926)
Posted By: Lalitha kannan 11 year(s) ago

Answer

Under CSR rules, "Net profit" means the net profit of a company as Per its financial statements. My question is whether Net profit Read More
Under CSR rules, "Net profit" means the net profit of a company as Per its financial statements. My question is whether Net profit means profit after tax or before tax?

Views (1784)
Posted By: Gagandeep singh 11 year(s) ago

Answer

Based on MCA circular 8/2014 and CSR rules, the CSR reporting in the directors report will not be applicable to a Company which ha Read More
Based on MCA circular 8/2014 and CSR rules, the CSR reporting in the directors report will not be applicable to a Company which has FY Jan – Dec 2014. The query is, are these companies whose FY have started prior to Apr 2014 required to spend any CSR budget in their FY 2014? Even if they spend, there is no reporting in their directors report for FY 2014. Query 2 is – Suppose a company is required to spend Rs.100 in a particular FY, was able to spend just Rs.60. The requirement is that Company shall give details of Rs.60 spent and the reason for not spending Rs.40 in the CSR report in the directors report. What will happen to Rs.40 that is unspent? Will it goes back to the business of the Company or needs to be spent in succeeding years. Please clarify with relevant provisions.

Views (1996)
Posted By: Vijayamahantesh khannur 11 year(s) ago

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CSR

Please clarify the activities eligible under the final Schedule VII of the CSR for which Income tax adjustment would be applicable Read More Please clarify the activities eligible under the final Schedule VII of the CSR for which Income tax adjustment would be applicable.Thank you

Whether CSR can be given to a trust with eligible objects by way of corpus fund? Read More Whether CSR can be given to a trust with eligible objects by way of corpus fund?

Activities Covered under CSR inadvertently shown under the head Donation. Whether can be claimed as a CSR Expenditure ? Read More Activities Covered under CSR inadvertently shown under the head Donation. Whether can be claimed as a CSR Expenditure ?

As per Rule 4(2) of the Companies (Corporate Social Responsibility Policy) Rules, can we use LLP to under take CSR activity of the Read More As per Rule 4(2) of the Companies (Corporate Social Responsibility Policy) Rules, can we use LLP to under take CSR activity of the comany?

Can profit on sale of land be considered for profit for the purpose of contribution to CSR? Read More Can profit on sale of land be considered for profit for the purpose of contribution to CSR?

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Please clarify the activities eligible under the final Schedule VII of the CSR for which Income tax adjustment would be applicable Read More
Please clarify the activities eligible under the final Schedule VII of the CSR for which Income tax adjustment would be applicable.Thank you

Whether CSR can be given to a trust with eligible objects by way of corpus fund? Read More
Whether CSR can be given to a trust with eligible objects by way of corpus fund?

Activities Covered under CSR inadvertently shown under the head Donation. Whether can be claimed as a CSR Expenditure ? Read More
Activities Covered under CSR inadvertently shown under the head Donation. Whether can be claimed as a CSR Expenditure ?

As per Rule 4(2) of the Companies (Corporate Social Responsibility Policy) Rules, can we use LLP to under take CSR activity of the Read More
As per Rule 4(2) of the Companies (Corporate Social Responsibility Policy) Rules, can we use LLP to under take CSR activity of the comany?

Can profit on sale of land be considered for profit for the purpose of contribution to CSR? Read More
Can profit on sale of land be considered for profit for the purpose of contribution to CSR?