Page 3 - Corporate Social Responsibility

CSR exemption for firms making losses; eligibility to be checked every year

CSR rules are applicable to companies with a net profit of over Rs 5 crore or networth of over Rs 500 crore or turnover of Rs 1,000 crore

Govt seeks to improve disclosures by PSUs, asks for monthly data on capex

New details such as CSR, gender-wise reporting of contractual workers, unused land, and profit share in joint venture companies have also been added in the list of disclosures

Monsoon session: 60% CSR spent on rural needs, health care, education

Around 60 per cent of the total CSR funds spent by companies in the last seven financial years were in the areas of education, healthcare and rural development-related activities, according to the government. In a written reply to the Lok Sabha, the corporate affairs ministry also informed that during the given period, around 33 per cent of the total CSR amount spent by companies were in Maharashtra, Karnataka, Gujarat, Andhra Pradesh and Tamil Nadu. Under the Companies Act, 2013, a certain class of profitable companies are required to shell out at least two per cent of their three-year annual average net profit towards CSR (Corporate Social Responsibility) activities in a particular fiscal. CSR is a board-driven process and the board of a company is empowered to plan, decide, execute and monitor CSR activities of the company based on the recommendation of its CSR Committee. Minister of State for Corporate Affairs Rao Inderjit Singh said in the written reply that the government doe

Businesses should contribute to country's all-round development: Kovind

The remarks of the President came while addressing the 90th year celebrations of the Merchants Chamber of Uttar Pradesh at Kanpur

Reliance spends Rs 1,185 cr on corporate social responsibility in FY22

Reliance Industries Ltd spent a record Rs 1,184.93 crore in fiscal year ended March 31 on corporate social responsibility (CSR) initiatives

Reliance Industries contributes Rs 1,185 cr towards CSR initiatives in FY22

The CSR initiatives were spearheaded by Reliance Foundation, the philanthropic arm of Reliance Industries, led by Founder and Chairperson of the foundation Nita M. Ambani

IIT Madras raises all-time high sum of Rs 131 cr from alumni, firms in FY22

Number of firms donating to IIT Madras via CSR route has almost doubled in past five years; account for nearly half the total Rs 131 crore raised last financial year.

4-5% of Rs 1.25 trn spent on CSR funds in past 7 yrs went to PM Cares: Govt

Singh said it is a broad-based activity that the Board undertakes and we give general guidelines and the Board implements it

What is corporate social responsibility?

Govt had in February this year asked India Inc to furnish a report on their corporate social responsibility (CSR) activities. From being a voluntary exercise, it has been made mandatory by the govt

CSR spending on the rise but not equitable, skewed towards three sectors

Six states account for a third of total CSR spending; three sectors account for 59.9 per cent of funding.

Onerous disclosures

New CSR reporting requirements raise tricky issues

New CSR disclosure framework to enhance transparency: Govt official

In 2019-20 financial year, the CSR expenditure stood at Rs 24,864 crore; As per data available on the portal, the total CSR spending in the last two financial years is more than Rs 45,200 crore

New CSR form to enhance corporate compliance, help govt in keeping a tab

The government had mandated that Corporate India publish a comprehensive report on their specific CSR initiatives.

How well Indian companies are meeting their CSR commitment?

The CII on Monday asked the government to consider increasing the CSR levy by 1% for a year, and use the money to give boosters shots. But is India Inc loosening its purse strings for social causes?

Budget 2022-23: CII seeks additional 1% CSR for Covid-19 boosters

The industry lobby group also said the Budget expected to focus on ways to strengthen economic recovery

Expense on R&D for Covid-19 drugs, vax, devices will count as CSR

The CSR FAQs provide details of what would qualify as administrative overheads

CSR spending not source of financing resource gaps in govt schemes: MCA

Corporate Social Responsibility spending under the companies law should not be interpreted as a source of financing the resource gaps in government schemes, the Ministry of Corporate Affairs has said as it issued a detailed set of FAQs for the effective implementation of CSR norms. Activities undertaken by companies as part of the normal course of business is not considered CSR work. However, the ministry has provided an exemption for companies engaged in R&D activities for new vaccines, drugs and medical devices in their normal course of business with respect to COVID. The exemption would be in place for three financial years till FY 2022-23, as per the FAQs (Frequently Asked Questions) dated August 25. "This exclusion is allowed only in case the companies are engaged in R&D in collaboration with organisations as mentioned in item (ix) of Schedule VII and disclose the same in their board reports," the ministry said. The organisations are specified under item ix of Schedule ...

Industrialist Siddharth Shriram's zest for life: A son remembers

A writer on a wide variety of issues as a result of his interest in creating construct­ive debate for challenges facing India, he was instrumental in founding Delhi Policy Group

Contradictory AAR verdicts on CSR under GST regime baffle companies

Recently, the Uttar Pradesh AAR had held that CSR spend by companies is eligible for input tax credit

Govt mandates companies to disclose investments in cryptocurrencies

Govt asks companies to also reveal CSR spend, benami property transactions from FY22