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of <h1>Ministry of Corporate Affairs issues FAQ on CSR compliance under Companies Act, 2013, detailing applicability, framework, and reporting.</h1> The circular from the Ministry of Corporate Affairs provides a comprehensive FAQ on Corporate Social Responsibility (CSR) as per the Companies Act, 2013 and related rules. It outlines the applicability of CSR provisions, detailing which companies are required to comply based on financial criteria. It clarifies that compliance is specific to each company and applies to Section 8 companies and newly incorporated companies meeting certain criteria. The document describes the CSR framework, including the composition and responsibilities of the CSR Committee and the Board's role in CSR processes. It also addresses CSR expenditure, explaining the calculation of net profits and limitations on administrative overheads. The circular specifies the non-eligibility of certain activities as CSR and the procedures for CSR implementation, including the registration of implementing agencies. It discusses the treatment of unspent CSR amounts, impact assessments, and reporting requirements, emphasizing transparency and compliance with legal provisions.
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