MCA has issued a FAQ dated August 25, 2021
Earlier the Ministry has notified the amendments in Section 135 of the Act as well in the CSR Rules on 22nd January 2021 . This FAQ seems to be a clarification on the doubts to their notification. I will take one example where Spending and Utilisation has been made very clear through this FAQ.
Many Companies used to cut a cheque to the implementation agency (NGO) and take cover for having spend the amount; whereas the implementing agency may not have spent the CSR amount as on March 31, 2021. This practice may be based on a liberal interpretation of the notification of January 2021.
But in the FAQ in para 7.4 there is a clarification that may be a big googly for companies that are preparing the Board's Report for the year ending March 31, 2021.
Section 135(5) of the Act prescribes minimum spending obligation for the company. The company may fulfil its CSR spending obligation directly by itself or though engaging an implementing agency. The implementing agency acts on behalf of the company and mere disbursal of funds for implementation of a project does not amount to spending unless the implementing agency utilises the whole amount.
This means if the Company and the implementing agency both do not actually spend or have not spend the CSR amount on or before March 31, 2021 then there may be a necessity to transfer this amount to the designated account (PM Relief fund and others).
FAQ on FAQ if the project is not an ongoing project but a one time project can be:
1. If the NGO has spent part amount on a project
2. If the NGO has not spent the amount but does not have the amount to give it back to company
3. If NGO has used some amount on administrative expenses
There are so many questions ....
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We would like to remind you that there is a TDS receivable amount outstanding in the books of accounts of GeM against you towards the transactions charges paid by you on the GeM portal (Gross Transaction charges less TDS amount) during the FY 21-22 and FY 22-23.
The same needs to be deposited by you in the name of GeM to the Income Tax Authorities by 31/08/2022.
Regarding CSR amount spent by a Company:
If any Company gives Rs. 1 crore to an Educational Institution for conducting a seminar/conference whether it is covered under point ii of the Schedule VII. Point ii is as under:
(ii) promoting education, including special education and employment enhancing vocation skills especially among children, women, elderly and the differently abled and livelihood enhancement projects
In addition to this, whether the same amount of Rs. 1 crore can also be claimed under 80G by the company if the Educational Institution has approval from Income Tax authorities in this regard.
Please give solution
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1. Section 184(1) - Should foreign directors disclose their interest or concern in entities that are located elsewhere except India?
2. Section 184(2) - Does the wording "shall not participate in the meeting" mean to not participate in the entire meeting or only for that respective agenda?
Anyone uploaded or even started filling Form 3 Etc. or even in the process of doing Form 3 and 4 of LLP.
Please let me know and share your contact details.
I have queries.
Company was incorporated in 2019 as NBFC (not applied for license also with RBI) named ABC Pvt Ltd - Can we file INC-20A now without introducing the subscribed capital by attaching a clarification letter stating the reasons and no intention to carry out NBFC objects?
Pls guide - on urgent basis
There is a Pvt. Co. which was incorporated in 2020 but there has been no business till the date since its inception...but the main object has been modified...In such a scenario...can Company go for strike off??
Can DIR-12 be filed before filing INC-20 A for appointment of Director?
If Co A holds 9999 shares and Mr. B holds 1 share of Z Company.
Then what should be written on the Share Certificate of Mr. B?
Mr. B (Nominee of A), Mr. B (Authorised Representative of Mr. A) or pls suggest any other suitable title.
X private Ltd holding 5000 Preference shares at Rs.10 each in Y Private Limited. Now X private limited director wants to get share transferred in him name in Y private limited with total consideration of 21 lakh.
Share transfer process as per sec 56 is sufficient by executing SH4 deed, Payment of stamp duty and convene board meeting to pass the resolution of share transfer and update in the register and report the transfer in annual return
Anyother process with respect to sec 188 need to comply?
Please clarify the following query in respect of section 8 company"
1. INC-14 declaration by professionals : has to be in practice, It can be signed by PCA OR PCS ?
2.INC-15 Declaration by person named in articles. it has to be signed by directors
does these both above mentioned forms have to be on stamp paper it can be on plain white paper?
3. 3 years projected income & expenditure & statement of assets & liabilities -format which is specailly made for section 8 company.
Can we close company without filing INC -20A, first year compliance of FY 2020-21 - of ROC, Mumbai
Compliance Calendar LLP is Recognised as Startup by DIPP Under Ministry of Commerce & Industry, Government of India