ICAI Technical Guide on Accounting for Expenditure on CSR Activities
ICAI has released the Technical Guide on Accounting for Expenditure on Corporate Social Responsibility Activities on 1st July, 2020.
This Technical Guide provides guidance on accounting for expenditure on CSR activities in accordance with the requirements of the Generally Accepted Accounting Principles including the applicable Accounting Standards.
This Technical guide consists of FAQs to answer many doubts. For example if the company is required to make a provision for short fall amount of CSR expenditure? whether excess spent amount may be carried forward? or what would be the treatment of surplus earned from CSR Projects/Programmes ?
Subsequent to the issue of the Technical Guide on Accounting for Expenditure on Corporate Social Responsibility Activities, the Guidance Note on Accounting for Expenditure on Corporate Social Responsibility Activities, issued on 15th May 2015, stands withdrawn.
Section 135 of The Companies Act, 2013 makes it mandatory for companies coming within the prescribed criteria, to implement and report CSR policies in the Annual Report of the Company. Which activities would be called “CSR activities” has been listed in Schedule VII of the Companies Act, 2013.
ITAT power to pass such orders "as it thinks fit" implies a judicial discretion to be exercised within the parameters…
Mere non-deduction of TDS by the deductor on a transaction does not change the character of the transaction to make…
ICAI has extended the last date to online submit Multipurpose Empanelment Form (MEF)- 2026-27 from 29th August 2026 to 9th…
Can a demand notice be issued u/s 156 for non-payment of Dividend tax u/s 115-O, when as per assessment order…
The issue already examined and adjudicated by the quasi-judicial authority, i.e., CIT(Appeals), cannot be reopened on the same set of…
One TDS is deducted, credit has to follow, failure of deductor to deposit the amount to the credit of the…