CSR Applicability

[akash srivastav]

Hi all,

If a company triggers CSR limit in FY 2019-20 and 2020-21 but does not trigger it in 21-22, was the company required to company with CSR provisions since the act states for checking limit during immediate preceding FY

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Thanks and regards

 CS Akash Srivastav

Contact No- 9911127294

[Sweta Sinha]

The act talks about not having any negative average. If all 3 yrs combined give positive average, it is applicable.

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[Ashish Gupta]

How? 

when I am not attaining 3 conditions as mentioned in 135, then how will it be applicable? 

pls enlighten as I believe, profit/ Turnover/ Networth criteria - all are for every year and it is only for calculating average 2% of spending, we consider previous years

thanks

 
AKG & CO
COMPANY SECRETARIES
FCS Ashish Gupta

A-16 Jitar Nagar, Parwana Road

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09312210264

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[Sweta Sinha]

No, CSR apply when any year it fulfill any of 3 criteria, fullfilling criteria all 3 yrs is not mentioned . You have to do average of 3 yrs , if average is negative, 135 wont apply.

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[Ashish Gupta]

Dear Sweta

again, I mean the average is required for calculating the amount of CSR to be done, ELSE, applicability of Sec. 135 is to be checked for every year and not average of 3 years.

Pls see Sec. 135 (1) read with (5) again. I would be grateful if u can explain slightly more.

thanks

 
AKG & CO
COMPANY SECRETARIES
FCS Ashish Gupta

A-16 Jitar Nagar, Parwana Road

Near Preet Vihar Metro Station, Delhi - 110051

09312210264

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[Rajesh]

Aakashji you are right.  You don't have to spend, since CSR applicability has not triggered in the previous year.

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[BHAVNA SHARMA]

Dear All, 

A Private Limited Company is having 5 Cr of net profit before tax as on 31.03.2023, whether provisions of CSR shall be applicable in this annual filing or in next year.  

Thanks

[karan vij]

yes applicable

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Karan Vij

Email id: cska...@gmail.com

Mobile No: +91 8076218320

P 

“Please take care of the environment, print only if necessary

[CS Nidhi Parekh]

(1) Every company having net worth of rupees five hundred crore or more, or turnover of rupees one thousand crore or more or a net profit of rupees five crore or more during ³[the immediately preceding financial year] shall constitute a Corporate Social Responsibility Committee ofthe Board consisting of three or more Directors, out of which at least one director shall be an independent director.

In this the immediately preceding FY is mentioned so if PBT on year ending 31st March 2023 is Rs. 5Cr then compliance to be done by year ending 31st March 2024? 

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[BHAVNA SHARMA]

Hello Nidhi,

Means in board report of FY 2022-23 no disclosure required ?

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[BHAVNA SHARMA]

and what is this provision:

Where the amount to be spent by a company under sub-section (5) does not exceed fifty lakh rupees, the requirement under sub-section (1) for constitution of the Corporate Social Responsibility Committee shall not be applicable and the functions of such Committee provided under this section shall, in such cases, be discharged by the Board of Directors of such company.

if amount to be spent i.e. 2% of 3 years average net profit is upto 50 lakh then no need to spent 2 % or there is no need to constitute CSR Committee.

[CS Nidhi Parekh]

I have same query that;s why question mark

if a company's net profit before tax in FY 2022-23 is Rs. 5Cr whether the company has to comply with the provisions such as CSR Spending in that same year, forming of CSR committee, disclosure in board report of FY 2022-23 in that same FY 2022-23 or before year ending March 2024.

On Fri, Oct 6, 2023 at 6:33 PM BHAVNA SHARMA <bnash...@gmail.com> wrote:

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[Ashish Gupta]

As per me:

1. disclosure should be there of profit exceeding 5 cr. and atleast 1 meeting of Board for calculation and how and where to spend?

2. Its only committee not required BUT 2% spending is must

3. Can spend upto 31 March 2024

 
AKG & CO
COMPANY SECRETARIES
FCS Ashish Gupta

A-16 Jitar Nagar, Parwana Road

Near Preet Vihar Metro Station, Delhi - 110051

09312210264

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[CS Nidhi Parekh]

1. disclosure should be there of profit exceeding 5 cr. and atleast 1 meeting of Board for calculation and how and where to spend? - which fy in this case?

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[Rajesh]

Mr. Aashishji is correct.

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[BHAVNA SHARMA]

Whether disclosure in board report shall be made in the next Financial year i.e. 2023-24 and other compliances like spending of 2% and constitution of committee shall also be done in 2023-24.

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[Rajesh]

Absolutely Bhavnaji

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[CS Priti Joshi]

Yes, compliances will be applicable in next financial year, the basic logic behind this is at end of year, 31.03.2023, the Board got the profit figures and thereafter CSR applicability triggers for the Company, post which CSR committee (if applicable), CSR Policy formation, selection of area, implementing authorities, preparation of CSR Annual Action PLan etc compliances will take place.

PCS Priti Joshi

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