truCSR

Author: CS Pradeep Kumar Parakh Executive Summary Schedule VII of the Companies Act, 2013, defines the permissible avenues for Corporate Social Responsibility (CSR) activities in India. Staying informed about any recent modifications or clarifications to this crucial schedule is essential for companies to align their CSR strategies effectively and ensure compliance. This article deciphers the key aspects of Schedule VII, highlighting what's new and guiding companies in adapting their CSR initiatives. 1. The Foundation: Understanding Schedule VII Schedule VII acts as the definitive guide, outlining the sectors and activities that qualify as legitimate CSR expenditure under the Companies Act, 2013. Its provisions directly shape the focus and implementation of corporate social responsibility across India. 2. Updates Schedule VII and its Strategic Implications It's important for companies to be aware of any recent notifications or clarifications issued by the Ministry of Corporate ...

  Author: CS Pradeep Kumar Parakh Executive Summary As the financial year draws to a close, companies must ensure compliance with CSR regulations under India’s Companies Act, 2013. Failure to meet CSR obligations can lead to financial and reputational risks. This article outlines the key areas for CSR review and financial year-end planning. 1. The Concept of "Ongoing Projects" in CSR  The Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021, introduced the concept of "ongoing projects," allowing companies to set aside unspent CSR amounts for multi-year projects. Clear understanding of this definition is crucial for year-end reporting. 2. Key Regulatory Concepts Requiring Attention The Ministry of Corporate Affairs (MCA) has from time to time clarified the concept of “Ongoing Projects” via Section 135, The Companies (Corporate Social Responsibility Policy) Rules, 2014 and circulars issued from time to time: The minimum duration for a project to be...