Compliances of CSR
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Annual filings for CSR
Enshrined in Section 135 of the Companies Act, 2013, CSR compliance mandates that eligible businesses allocate a percentage of their profits towards specified social and environmental initiatives. Understanding CSR obligations is paramount for companies meeting defined financial thresholds, including those related to net worth, sales, and profits. Effective implementation of CSR initiatives requires meticulous planning, adherence to regulatory guidelines, and transparent reporting mechanisms. Moreover, non-compliance with CSR mandates can result in significant penalties and reputational damage.
Compliance Requirements For CSR:
- Form CSR-1
- Form CSR-2
15+ Years
Of experience in business service
CSR Annual Compliance
Forms Checklists for CSR Annual Compliance
Checklist for Form CSR-1
- Nature of the entity (type of organization)
- CIN (Corporate Identification Number)
- Date of incorporation, address, and email ID
- Details of directors, trustees, or authorized representatives
- DIN and DSC of the signing director
- Company CSR Policy
- Company CSR Report
- Details of the subsidiary and other entities
- Certification by a practicing professional
Form CSR-2
- Net worth, turnover, and net profit of Company
- Details of the CSR committee, including meetings held and attended by directors
- Project details, including funds allocated and spent, locations, and modes of implementation
- Unspent CSR amounts and transfers to specified funds under Schedule VII
- Reasons for any shortfall in CSR spending and corrective measures taken
Have a question? Check out the FAQ
CSR Compliance
What is CSR compliance?
CSR compliance, under the Companies Act, 2013 in India, refers to the legal obligation for certain companies to allocate a portion of their profits towards Corporate Social Responsibility (CSR) activities. It involves implementing and reporting on CSR initiatives, which are designed to benefit society and the environment. This includes undertaking projects or programs related to activities specified in Schedule VII of the Act.
What are the Key aspects of CSR compliance in India?
Key aspects of CSR compliance in India
- Companies meeting specific financial criteria must spend a minimum of 2% of their average net profits from the past three years on CSR activities.
- CSR activities must align with the areas outlined in Schedule VII of the Companies Act, 2013, such as eradicating hunger and poverty, promoting education, and ensuring environmental sustainability.
- Companies are required to disclose their CSR activities, including details of projects undertaken, expenditures incurred, and reasons for unspent amounts, in their annual reports.
- The Ministry of Corporate Affairs (MCA) oversees CSR compliance and has introduced forms like CSR-2 for reporting.
- While CSR has become a legal requirement, it's also seen as a way for companies to contribute to sustainable development goals and enhance their brand image and stakeholder relationships.
What is the form for CSR compliance?
The newly introduced form CSR-2 (report on Corporate Social Responsibility) is required to be filed by those entities which fall under the provisions of Section 135 of the Companies Act, 2013, i.e., the companies which are required to comply with the provisions of Corporate Social Responsibility (CSR).
Who can issue a CSR certificate?
To get CSR Certificate, the director/member/trustee of the entity has to sign documents digitally using Class-III Digital Signature Certificate (DSC). We will apply Class-III DSCs through eMudhra or other Digital Signature Certificate provider Online.
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