The provisions of Corporate Social Responsibility (“CSR”) are incorporated under the Company Law to make companies more responsible towards betterment of the society and environment. All the companies which fulfill the specified criteria are required to spend 2% of their average profits, made during preceding 3 Financial Years, on the CSR Activities.
CSR brings positive change to society and also builds customers’ trust as consumers feel that they are using the product or service of a socially responsible company and they feel attached and become supportive. In India, CSR spending constitutes up to 28% of philanthropic giving which is invested in education, livelihoods support, health sectors, etc.
Under the Companies Act, the ministry of corporate affairs (MCA) has extended the deadlines for numerous compliances and waived late fines on various files.
The power conferred under Rule 86A is very drastic. Power under Rule 86A should be invoked only if fraudulent ITC or ineligible ITC has been claimed by the assessee and the authority has recorded the reasons for the same in writing.
The authority is bound to record the reasons of invoking Rule 86A in writing and communicate such reasons to the assessee. On receipt of such reasons, the assessee is entitled to make his submission/objection requesting for lifting.
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