TaxTonic Session: Myriad Facets of CSR Expense Unraveled!
- Year of Publication: 2023
- ISBN: 0
Episode Duration:
100 minutes
Episode Background:
'TaxTonic', a new 'subscriber only' thought leadership series, is Taxsutra's endeavour to consistently deliver top notch technical content to it's readers. The labyrinth of tax rulings on convoluted transactions keeps the world of taxation unpredictable and ever-evolving. This series will feature engrossing presentations, incisive analyses and a deep-dive by the tax experts on burning issues & controversies. So, gear up for a 'tonic' to chisel your tax mind and challenge your wit.
Speaker:
Mr. Ameya Kunte (Globeview Advisors LLP)
Moderator:
Mr. Sachin Sastakar (Chartered Accountant)
What shall the episode cover?
CSR expenditure is not allowable under Section 37 of the Income-tax Act. Is that all?
Certainly Not! There is much more depth to the interconnect between CSR and Tax laws.
The amendments in Section 135 of the Companies Act, 2013 as well in the CSR Rules notified in Jan’21 and Sep’22 aim to strengthen the CSR ecosystem by encouraging disclosure and simplifying compliance. The broad framework of CSR has been provided in Section 135 and Schedule VII of the Companies Act, 2013 read with Companies (CSR Policy) Rules, 2014. Additionally, the Ministry of Corporate affairs also issued clarifications including FAQs from time to time on various issues concerning CSR.
New CSR Rules considered in the light of amendments in Sections 37 and 80G of the Income-tax Act have created opportunities coupled with challenges for the corporates and tax professionals. Spending CSR mandatorily by the corporates on their own or through an implementation agency (non-profit company or a trust) gives rise to interesting issues worthy of a multi-pronged discussion.
Taxsutra presents the next episode of TaxTonic, to analyse and understand these recent amendments and its inextricable link with the tax laws. The episode is focused on:
1. An Overview of amendments in CSR provisions in the Companies Act
2. Deductibility of CSR expenditure under Income-tax Act
3. Opportunities & Challenges on discharging CSR via Non-Profit Company or a Trust
4. Under/Over Spending - Divergence in Companies Act & Income-tax Act
Taxsutra is considered the most credible source of tax news in the tax fraternity. What started as a fledgling start-up has now become a leading brand in the tax world not only in India, but across the globe. Taxsutra's diverse customer set includes Fortune 500 Companies, large Indian Business Groups, Global Conglomerates, Tax Judges, IRS Officers, CBDT, Tax Lawyers & thousands of tax practitioners.
Taxsutra suite of portals :
1. Real time tax news & analysis for Corporate Tax (www.taxsutra.com/dt)
2. Transfer Pricing Portal (www.taxsutra.com/tp)
3. GST and Central Indirect Taxes Portals (www.taxsutra.com/gst - www.idt.taxsutra.com)
4. "Taxsutra Database" - Powerful Online Direct Tax Reference and Search Tool (www.database.taxsutra.com)
5. LawStreetIndia (LSI) (www.lawstreetindia.com) contains sub-modules on Company law, Securities law (SEBI/SAT), FEMA, IP laws & Competition Law
6. Taxsutra Accounting Standards portal (Ind-AS) (www.greentick.taxsutra.com)
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- Year of Publication: 2023
- ISBN: 0
Episode Duration:
100 minutes
Episode Background:
'TaxTonic', a new 'subscriber only' thought leadership series, is Taxsutra's endeavour to consistently deliver top notch technical content to it's readers. The labyrinth of tax rulings on convoluted transactions keeps the world of taxation unpredictable and ever-evolving. This series will feature engrossing presentations, incisive analyses and a deep-dive by the tax experts on burning issues & controversies. So, gear up for a 'tonic' to chisel your tax mind and challenge your wit.
Speaker:
Mr. Ameya Kunte (Globeview Advisors LLP)
Moderator:
Mr. Sachin Sastakar (Chartered Accountant)
What shall the episode cover?
CSR expenditure is not allowable under Section 37 of the Income-tax Act. Is that all?
Certainly Not! There is much more depth to the interconnect between CSR and Tax laws.
The amendments in Section 135 of the Companies Act, 2013 as well in the CSR Rules notified in Jan’21 and Sep’22 aim to strengthen the CSR ecosystem by encouraging disclosure and simplifying compliance. The broad framework of CSR has been provided in Section 135 and Schedule VII of the Companies Act, 2013 read with Companies (CSR Policy) Rules, 2014. Additionally, the Ministry of Corporate affairs also issued clarifications including FAQs from time to time on various issues concerning CSR.
New CSR Rules considered in the light of amendments in Sections 37 and 80G of the Income-tax Act have created opportunities coupled with challenges for the corporates and tax professionals. Spending CSR mandatorily by the corporates on their own or through an implementation agency (non-profit company or a trust) gives rise to interesting issues worthy of a multi-pronged discussion.
Taxsutra presents the next episode of TaxTonic, to analyse and understand these recent amendments and its inextricable link with the tax laws. The episode is focused on:
1. An Overview of amendments in CSR provisions in the Companies Act
2. Deductibility of CSR expenditure under Income-tax Act
3. Opportunities & Challenges on discharging CSR via Non-Profit Company or a Trust
4. Under/Over Spending - Divergence in Companies Act & Income-tax Act
Taxsutra is considered the most credible source of tax news in the tax fraternity. What started as a fledgling start-up has now become a leading brand in the tax world not only in India, but across the globe. Taxsutra's diverse customer set includes Fortune 500 Companies, large Indian Business Groups, Global Conglomerates, Tax Judges, IRS Officers, CBDT, Tax Lawyers & thousands of tax practitioners.
Taxsutra suite of portals :
1. Real time tax news & analysis for Corporate Tax (www.taxsutra.com/dt)
2. Transfer Pricing Portal (www.taxsutra.com/tp)
3. GST and Central Indirect Taxes Portals (www.taxsutra.com/gst - www.idt.taxsutra.com)
4. "Taxsutra Database" - Powerful Online Direct Tax Reference and Search Tool (www.database.taxsutra.com)
5. LawStreetIndia (LSI) (www.lawstreetindia.com) contains sub-modules on Company law, Securities law (SEBI/SAT), FEMA, IP laws & Competition Law
6. Taxsutra Accounting Standards portal (Ind-AS) (www.greentick.taxsutra.com)
