MCA introduces new Form CSR -2: A step towards more transparent CSR reporting News Dated 11.02.2022
- Blog|News|Company Law|
- 2 Min Read
- By Taxmann
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- Last Updated on 15 February, 2022
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The Central Government has notified the Companies (Accounts) Amendment Rules, 2022. As per amended rules, every company covered under u/s 135 shall furnish a report on Corporate Social Responsibility in E-Form CSR-2 to the Registrar for the preceding financial year (2020-2021) and onwards. The CSR-2 is to be filed as an addendum to Form AOC-4/AOC-4 XBRL/AOC-4 NBFC (Ind AS) as the case may be. However, form CSR-2 for the F.Y.2020-21 shall be filed separately latest by 31st March 2022. Companies falling under section 135 are required to spend a certain % of their profits on CSR as specified in the section. Earlier there was no form prescribed to furnish a report on CSR. Now through this notification ministry introduced the same.
1. Objective
Corporate social responsibility (CSR) is a self-regulating business model that helps a company be socially accountable—to itself, its stakeholders, and the public.
As a part of the good corporate governance practice MCA on 11th Feb 2022 notified Form CSR-2. Now it is mandatory for corporates to furnish the details of the CSR spent to the Ministry through this form. Earlier no such form was prescribed. Section 135 of the act only mandates to annex the details of CSR to its Board Report and also disclose o the website of the Company, if any. CSR-2 may be useful for data mining and analysis for the MCA’s CSR department to introduce better policies on this front.
Click Here To Read The Complete Document
Click Here To Read The Full Notification
Check out Taxmann's Latest Corporate Social Responsibility - Law & Practice by Rajesh S. Kadakia
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