Union Minister inaugurates Centre of Excellence for Handloom Technology at IIT Delhi (See 'Corp Brief') IBC - Private bank's commercial decision on debt assignment or settlement, even if regulated by RBI norms, remains private banking transaction and does not satisfy function test for writ maintainability: HC (See 'Legal Desk') Mandaviya felicitates Commonwealth Games 2026 Weightlifting medallists with cash rewards (See 'Corp Brief') Sonepur Bazari OCP: Setting New Benchmarks in Coal Production (See 'Corp Brief') IPR - In absence of evidence showing acquired distinctiveness or secondary meaning, descriptive mark could not validly remain on Register: HC (See 'Legal Desk') KCC-MISS has positively impacted Cropping Intensity and Multi-Season Cultivation (See 'Corp Brief') Disciplinary case pendency reduced from over 4,000 to 700: MoS (See 'Corp Brief') Limitation - Single Judge rightly declined to exercise writ jurisdiction in a matter which essentially involves contractual obligations & involves disputed issues of fact: HC (See 'Legal Desk') Handloom Hackathon 2.0 concludes at IIT Delhi (See 'Corp Brief') MoS reviews status of Ujh Multipurpose Project in Jammu & Kashmir (See 'Corp Brief') Exhibition open to visitors from 6 to 19 August (See 'Corp Brief') Tete-a-tete around AI in banking sector often begins with algorithms (See CORP EINSICHT) IBC - Insolvency cannot be used as substitute for debt recovery or to settle complicated shareholder battles: NCLT (See 'Legal Desk') Ministry of Textiles to celebrate 12 th National Handloom Day on 7 August (See 'Corp Brief') Railways approves Extension of Daily Ludhiana-Jakhal Passenger Train up to Jind (See 'Corp Brief') Catch the Rain in Odisha: From Awareness to Groundwater Recharge (See 'Corp Brief') IBC - Unregistered lease deed cannot be relied upon to establish substantive leasehold rights or duration of tenancy: NCLT (See 'Legal Desk') NBA releases over Rs.24 Lakh as Benefit Sharing to Farmers, Research Institutions (See 'Corp Brief') Arbitration - Where arbitration proceedings are meant for resolving civil & contractual disputes, they cannot be invoked to resolve penal offences under the Negotiable Instruments Act: HC (See 'Legal Desk') GeM launches 10-Day Celebrations Ahead of 10th Foundation Day (See 'Corp Brief') A & C Act - Private contractual confidentiality clause cannot override statutory or legal obligation to disclose documents directed by court of law: HC (See 'Legal Desk') Geological Survey of India gets First Woman Director General (See 'Corp Brief') NDPS - While mere non-compliance with procedural mandates of Sec 52A of NDPS Act is not automatically fatal to prosecution, it necessitates heightened scrutiny test of remaining evidence: HC (See 'Legal Desk')

Print

Govt panel tables report on CSR; moots for making CSR tax deductible

Published: Aug 13, 2019

By TIOLCORPLAWS News Service

NEW DELHI, AUG 13, 2019: THE Secretary (Corporate Affairs), Mr Injeti Srinivas, today presented the Report of the High Level Committee on CSR to the Union Minister of Finance and Corporate Affairs, Ms Nirmala Sitharaman. The Committee has made far reaching recommendations.  The main recommendations  include, making CSR expenditure tax deductible, provision for carry forward of unspent balance for a period of 3 - 5 years, aligning Schedule 7 with the SDGs by adopting a SDG plus framework (which would additionally include sports promotion, Senior Citizens'  welfare, welfare of differently abled persons, disaster management and heritage protection), balancing local area preferences with national priorities, introducing impact assessment studies for CSR obligation of 5 crore or more and registration of implementation agencies on MCA portal. 

The other recommendations include developing a CSR exchange portal to connect contributors, beneficiaries and agencies, allowing CSR in social benefit bonds, promoting social impact companies, and third party assessment of major CSR projects.

The Committee has emphasized on not treating CSR as a means of resource gap funding for government schemes. The Committee discourages passive contribution of CSR into different funds included in Schedule VII of the Act.  It has emphasized on CSR spending as a board driven process to provide innovative technology based solutions for social problems.  The Committee has also recommended that companies having CSR prescribed amount below Rs. 50 lakh may be exempted from constituting a CSR Committee.  The Committee has also recommended that violation of CSR compliance may be made a civil offence and shifted to the penalty regime.

The High Level Committee on CSR was constituted in October, 2018 under the Chairmanship of Secretary (Corporate Affairs) to review the existing CSR framework and make recommendations on strengthening the CSR ecosystem, including monitoring implementation and evaluation of outcomes.  The Members of the Committee included Mr Sameer Sharma, DG & CEO, Indian Institute of Corporate Affairs, Dr A.K. Mittal, former CMD, NBCC, Mr N. Chandrasekaran, Chairman, Tata Sons, Mr Amit Chandra, MD, Bain Capital Private Equity, Mr B.S. Narasimha, former Addl. Solicitor General of India, Mr Rajeev Luthra, Founder & MD, Luthra and Luthra Law Office, Ms Shobana Kamineni,  Executive Vice Chairperson, Apollo,    Prof. Anil Gupta, Founder, Honey Bee Network and Professor, IIM, Ahmedabad, Dr Narinder Dhruv Batra, President, Indian Olympic Association, Mr S. Santhanakrishnan. Chartered Accountant and Mr Mathew Cherian, CEO, Helpage India.  Mr Gyaneshwar Kumar Singh, Joint Secretary, Ministry of Corporate Affairs, was the Member and Convener.

TIOL CORP SEARCH

TIOL GROUP WEBSITES

taxindiaonline
taxindiainternational
tioltube
TKF
TIOLawards
A TIOL Website. Copyright © 2025 TIOLcorplaws.com All rights reserved.