Amendment in CSR rules Sec. 135(1) was amended pursuant to Companies Amendment Act, 2017 with effect from 19th September 2018. Post this amendment, the criteria of net worth of Rs. 500 crores OR turnover of Rs. 1000 crores OR net profit of Rs. 5 crores for applicability of CSR provisions was limited only to the extent of immediately preceding financial year. However, Rule 3(2) which, before this amendment, was the guiding provision as to the number of years for which
Tag: CSR
Amendments issued by MCA & SEBI
In this edition we have tried to bring to your notice the latest amendment that followed in the month of July, 2021 issued by MCA & SEBI. Ministry of Corporate Affairs issues clarification on spending of CSR fund for COVID-19 Vaccination The Ministry of Corporate Affairs vide general circular no. 10/2020 dated 23.03.2020 has clarified that spending of CSR funds for COVID-19 is eligible for CSR Activity. In continuation of said circular vide general circular no 13/2022 dated 30.07.2021 it
Recent Amendments by MCA & SEBI
In this edition we have tried to bring your notice the latest amendment that followed in the month of May, 2021 issued by MCA and SEBI. Amendments issued by MCA Relaxation of time for filing forms related to creation or modification of charges under the Companies Act, 2013 In exercise of the powers conferred under section 460 read with section 403 of the companies act, 2013 and the companies (Registration offices and fees) Rules, 2014, ministry has decided to allow
Revision in Criteria for classifying Non- Corporate entities for applicability of Accounting Standards
For the purpose of applicability of Accounting Standards (“AS”), The Institute of Chartered Accountants of India (“ICAI”) has classified the entities into two segments – company entities and non-company entities. Non-company entities such as sole proprietors, partnership firms, trusts, Hindu Undivided Families, association of persons and co-operative societies are further classified into various levels. Currently, the ICAI has categorized non-company entities into 3 levels. With increasing number of non-company entities, the ICAI has, now, further classified them into 4 levels.
Audit Quality Review Report & AS queries
NFRA issues Audit Quality Review Report of the Statutory Audit of IL&FS for F.Y. 2017-18 In pursuant to section 132(2)(b) of the Companies Act, 2013 and NFRA Rules, 2018, The National Financial Reporting Authority (NFRA) has issued the Audit Quality Review Report (AQRR) of the Statutory Audit of IL&FS Financial Services Ltd. for the financial year 2017-18. This AQR was conducted to ensure the compliance with relevant accounting and auditing standards and to assess the need of any disciplinary proceedings
Recent Amendment by MCA, SEBI, RBI: August 2020
In this edition we have tried to bring you notice the latest amendment that followed in the month of August issued by MCA, SEBI, RBI and others. Amendment introduced by MCA Amendment of item no. (ix) In the Schedule VII of the Companies Act, 2013 In exercise of the powers conferred by sub-section (1) of section 467 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following further amendments in Schedule VII to the said
Depreciation Impact on Plant and machinery during Lockdown
CSR (Corporate Social Responsibility) utilisation advisory As per section 135 of the Companies Act, 2013 certain companies are required to spent money in CSR Activities, company can spent money either In case where a company transfer the CSR fund to third party i.e. trust, Society, section 8 companies for public welfare, all such companies should obtain an independent practitioner’s report on utilisation of such CSR funds from the auditor/ CA in practice of third party. The auditor/ CA in practice
Impact of COVID-19 on Revenue Recognition
COVID-19 pandemic is affecting worldwide major economic and financial markets, and virtually all industries and governments are facing challenges associated with the economic conditions resulting from efforts to address it. For example, many industries i. e. travel, hospitality, leisure, Education, and retail industries have seen sharp declines in revenues due to regulatory and organizational mandates and voluntary changes in humanbehavior. To address these economic challenges, some governments are pursuing laws or other related initiatives. This article discusses certain key revenue
Relaxation introduced by MCA in April 2020
In view of the situation emerging out of the outbreak of COVID-19, which requires adherence of social distancing norms, the stakeholders have pointed about various difficulties MCA after considering this fact granted certain relaxation few of them are briefed as under. Relaxation for holding Extraordinary General Meeting (EGM) through Video Conferencing (VC) or other Audio-Visual means (OAVM) Due to the pandemic caused by COVID-19, Companies are requested to take all urgent business, other than ordinary business or business where the