CSR Accounts Audit Amendment NOV 2021 (1)

Siddharth Important
Agarwal Amendment
Classes° CSR Rules, Accounts,
(1) In these rules, unless the context otherwise requires, -

Topic Detailed Explanation
Administrative "Administrative overheads” means the expenses incurred by the company for
overheads ‘general management and administration’ of Corporate Social Responsibility
functions in the company but shall NOT include the expenses directly
incurred for the designing, implementation, monitoring, and
evaluation of a particular Corporate Social Responsibility project or
programme;
Corporate Social ”Corporate Social Responsibility (CSR)" means the activities undertaken
Responsibility by a Company in pursuance of its statutory obligation laid down in
(CSR) section 135 of the Act in accordance with the provisions contained in
these rules, but shall not include the following, namely:-
(i) activities undertaken in pursuance of NORMAL course of business of
the company:
Provided that any company engaged in research and development
activity of new vaccine, drugs and medical devices in their
NORMAL course of business may undertake research and
development activity of new vaccine, drugs and medical devices
related to COVID-19 for financial years 2020-21, 2021-22, 2022- 23
subject to the conditions that —
(a) such research and development activities shall be carried out
in
collaboration with any of the institutes or organisations
mentioned in item
(ix) of Schedule VII to the Act;
(b) details of such activity shall be disclosed separately in the Annual
report on CSR included in the Board‘s Report;
(ii) any activity undertaken by the company OUTSIDE India except for
training of Indian sports personnel representing any State or Union
territory at national level or India at international level;
(iii)contribution of any amount directly or indirectly to any POLITICAL
PARTY u/s 182 of the Act;
(iv) activities benefitting EMPLOYEES of the company as defined in
section 2(k) of the Code on Wages, 2019;
activities supported by the companies on SPONSORSHIP basis for
deriving MARKETING BENEFITS for its products or services;
(vi) activities carried out for fulfilment of any other STATUTORY
obligations under any law in force in India;
CSR Policy "CSR Policy" means a STATEMENT containing the approach and direction
given by the BOARD of a company, taking into account the
recommendations of its CSR Committee,
Siddharth Important
Agarwal Amendment
Siddharth Agarwal. All Rights Reserved.
Siddharth Important
Agarwal Amendment
Topic Detailed Explanation
and includes puidinp principles for selection implementation and
monitoring of activities as well as formulation of the annual action
plan;
International ”International Organisation" means an organisation notified by the
Organisation Central Government as an international organisation u/s 3 of the United
Nations (Privilèges and lmmunities) Act 1947, to which the provisions of
the Schedule to the said Act apply;
Net profit "Net profit" means the net profit of a company as per its financial
statement prepared in accordance with the applicable provisions of
the Act, but shall NOT include the following, namely: -
(i) any profit arising from any OVERSEAS branch or branches of the
company, whether operated as a separate company or otherwise;
and
(ii) any DIVIDEND received from OTHER companies in India, which are
covered under and COMPLYING with the provisions of section
135 of the Act:
Provided that in case of a FOREIGN company covered under
these rules, net profit means the net profit of such company as
per profit and loss account prepared in terms of section 381(1)
(a), read with section 198 of the Act;
Ongoing Project ”Ongoing Project" means a multi-year project undertaken by a Company in
fulfilment of its CSR obligation having timelines not exceeding 3 years
excluding the financial year in which it was commenced, and shall
include such project that was initially not approved as a multi-year
project but whose duration has been extended beyond 1 year by the
Board based on reasonable justification;
Public Authority ”Public Authority" means ‘Public Authority‘ as defined in section 2(h) of the
Right to Information Act, 2005;
. .Rule
(1) EVERY company including its HOLDING or SUBSIDIARY, and a FOREIGN company defined
under section 2(42) of the Act having its branch office or project office in India, which
fulfills the criteria specified in Section 135(1) of the Act shall comply with the
provisions of section 135 of the Act and these rules:
Provided
(2)Every that net
company worth,
which turnover
CEASES to be aor net profit
company of a foreign
covered undercompany of the of
section 135(1) Actthe Act
shall be computed in
for 3 consecutive
accordance with balance sheet and Profit and loss account of such company prepared
financial years shall not be required to —
(a) constitute a CSR Committee; and
(b) comply with the provisions contained in sub-section (2) to (6) of the
said section, till such time it meets the criteria specified in section
135(1).
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Siddharth Important
Agarwal Amendment
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(1) In these rules, unless the context otherwise requires, -

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