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20/05/2024
RBI may transfer dividend of around Rs 1 lakh Cr to Government
17/05/2024
SC quash the disciplinary proceedings of ICAI against the CA in the matter of accepting more Tax Audit
Information from manufacturers of Pan Masal and Tobacco taxpayers - GSTN
16/05/2024
SEBI eases KYC compliance norms for mutual fund investors
Advocates can't be held liable for deficiency in service - Supreme Court
14/05/2024
E-commerce firms seek clarity on registration under GST regime
CBDT releases new functionality in AIS for taxpayers
12/05/2024
Auditor of Zomato Hyperpure, Blink Commerce resigns with immediate effect
 
 
  Notification/Circulars
18/05/2024
Formation of new district in the State of Assam – Assignment of Lead Bank Responsibility
11/05/2024
Foreign Exchange Management (Deposit) (Fourth Amendment) Regulations, 2024 - RBI
09/05/2024
Relaxation of additional fees and extension of last date of liling of LLP BEN-2 and LLP Form No. 4D
RBI Master Direction – Reserve Bank of India (Margining for Non-Centrally Cleared OTC Derivatives) Directions, 2024
Margin for Derivative Contracts - RBI
04/05/2024
Banks' Exposure to Capital Market - Issue of Irrevocable Payment Commitments (IPCs)
RBI Master Direction – Risk Management and Inter-Bank Dealings: Amendments
03/05/2024
Banks' Exposure to Capital Market - Issue of Irrevocable Payment Commitments (IPCs)
Master Direction – Risk Management and Inter-Bank Dealings: Amendments
Article Details
CSR Requirements as per Companies Act, 2013
As you are aware, for the first time in the world, India as a country introduced a statutory requirement for the corporate sector to discharge their social responsibility, through the Companies Act, 2013. The mandate became effective from April 1, 2014. Thus the previous financial year 2014-15 was the first year of operation of mandatory CSR norms. With this first CSR-Alert we attempt to disseminate the provisions of the CSR norms to assist you in compliance of the same. 
The corporate social responsibility (CSR) spending is applicable to following categories of companies:
a.    Companies with net worth of Rs. 500 crore or more;
b.    Companies having a turnover of Rs. 1,000 crore or more;
c.    Companies having a net profit of Rs. 5 crore or more.
The government has set out specific guidelines on how CSR activities should be handled, which are:
·         The CSR activities need to be implemented by a CSR Committee which should have an independent director.
·         The committee will be responsible for preparing a detailed plan on CSR activities, including the expenditure, the type of activities, roles and responsibilities of various stakeholders and amonitoring mechanism for such activities.
·         The Board of the company will approve the CSR policy as recommended for the company.
·         The Board to disclose the CSR policy contents in their reportand publish the details on the company's official website.
·         The company should spend 2 % of their Net Profits of the fiscal year on CSR initiatives as per the policy.
·         In case the company fails to spend the prescribed amount, the board in its report is required to specify the reasons for the failure.