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JC - Legal Updates - Important update on Corporate Social Responsibility (“CSR”), and introduction of Form CSR-2 by the MCA

Legal Updates

17 Feb 2022

Important update on Corporate Social Responsibility (“CSR”), and introduction of Form CSR-2 by the MCA

To bring transparency on Corporate Social Responsibility (“CSR”), the MCA vide its notification dated February 11, 2022 has notified Companies (Accounts) Amendment Rules, 2022 which have come into force from February 11, 2022. Every company under Section 135(1) would have to furnish a report on CSR in E-Form CSR-2 to the Registrar of Companies for the preceding financial year 2020-2021 and onwards as an addendum to Form AOC-4 or AOC-4XBRL or AOC-4 NBFC (Ind AS), as the case may be. It further states that for the financial year 2020-2021, Form CSR-2 would have to be filed separately on or before March 31, 2022 after filing Form AOC-4 or AOC-4 XBRL or AOC-4 NBFC (Ind AS), as the case may be.

Companies falling under Section 135(1) are required to spend a certain % of their profits on CSR as specified in the Section. Provisions of this Section is applicable to all companies having net worth of Rs. 500 crore or more or having a turnover of Rs. 1000 crore or more or net profit of Rs. 5 crore or more, during immediately preceding financial year. Earlier there was no form prescribed to furnish a report on CSR and Section 135 only mandates to disclose contents of CSR Policy in its Board Report and place it on the company’s website, if any. The concept of generation of Project ID has been introduced through the E-Form which may serve as a reference ID to track the CSR activities of the company. E-Form is to be digitally signed by any one of the directors of the company authorised by the Board and it captures every small detail relating to CSR activity.


For any further information, please contact Ms. Namrta Rai (namrta.rai@jclex.com) or Mr. Neeraj Dubey (neeraj.dubey@jclex.com).