In view of amendments in Section 135 of the Companies Act, 2013 and the CSR Rules, MCA has released an updated set of Frequently Asked Questions (FAQs) on the Corporate Social Responsibility (CSR) with a view to clarify the doubts of various stakeholders and to ensure effective compliance of CSR norms. Updated FAQ provides clarification on Administrative overheads and maximum limit, CSR surplus, Expenses related to transfer of assets for CSR activities, Off-set of excess CSR spending, Eligible CSR activities including related to COVID-19, mode of incurring CSR funds, Eligible funds for contribution, Implementation & implementing agencies and their registration with MCA, What is “Ongoing Project”? and Status of ongoing projects with unregistered implementing agencies, Treatment of unspent CSR amount and “Unspent CSR Account”, CSR enforcement, Impact Assessment – objective, applicability, expenses treatment, CSR Reporting and Disclosure.
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