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Tech Mahindra Group firm Comviva fined Rs 1 lakh for delay in transferring CSR funds

IT company Tech Mahindra Group firm Comviva has been penalised Rs 1 lakh for the delay in transferring unspent corporate social responsibility obligation to the Prime Ministers National Relief Fund....

Companies Act Amended To Include PM CARES Donations As CSR Spend

In a notification dated 26 May, the Ministry of Corporate Affairs (MCA) has included PM CARES Fund in Schedule VII of the Companies Act, 2013 along with ‘the Prime Minister's National Relief Fund'. The changes have been made with a retrospective ...

Covid 19 Outbreak: Corporate Spending Towards Covid19 Eligible As CSR

On March 23, the finance ministry said corporate expenditure incurred to deal with the economic slowdown due to the coronavirus outbreak shall qualify as a corporate social responsibility (CSR) activity. In a press release, the ministry said, "In view of the ...

Lok Sabha Passes Companies (Amendment) Bill 2019

The lower house of the Parliament on Friday approved a bill that seeks to tighten CSR norms and ensure stricter action for non- compliance of the company law regulations. Piloting the Companies Amendment Bill 2019, finance minister Nirmala Sitharaman said that ...

Some social welfare spending can be considered for tax benefit: report

Money spent on all CSR works cannot be counted as business expenditure but certain social welfare spending activities could be considered for tax benefits, according to CBDT Chairman R K Tiwari. Under the new Companies Act, certain ...

Syndicate Bank enters league of large banks: CMD S K Jain

BANGALORE: Celebrating its 88th foundation day, state-run Syndicate Bank today said it is now in the league of large banks with a business of over Rs 3,46,000 crore as on September 30. "Bank has been progressing on sound financials, and ...

PSU oil companies spend Rs 383.7 crores on CSR activities

Public sector oil companies have spent a staggering Rs 383.74 crores in carrying out various activities under the Corporate Social Responsibility (CSR) Scheme during the financial year 2011-12. ONGC spent the highest amount of Rs. 121.08 crore, followed by IOCL ...