CSR AND ISSUES IN AUDIT - Lunawat

CA. PRAMOD JAINFCA, FCS, FCMA, LL.B, MIMA, DISA

CA. PRAMOD JAINFCA, FCS, FCMA, LL.B, MIMA, DISA

LUNAWAT & CO.Chartered Accountants

LUNAWAT & CO.Chartered Accountants17th June 201517th June 2015

CSR AND ISSUES IN AUDITCSR AND ISSUES IN AUDIT

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CSRCSRCSRCSR� Every company having Every company having Every company having Every company having

�NNNNet worth of Rs. 500 et worth of Rs. 500 et worth of Rs. 500 et worth of Rs. 500 crorecrorecrorecrore or more, or or more, or or more, or or more, or

� TTTTurnover of Rs. 1000 urnover of Rs. 1000 urnover of Rs. 1000 urnover of Rs. 1000 crorecrorecrorecrore or more or or more or or more or or more or

�Net profit of Rs. 5 Net profit of Rs. 5 Net profit of Rs. 5 Net profit of Rs. 5 crorecrorecrorecrore or more or more or more or more

during any FY shall constitute a CSR Committee having during any FY shall constitute a CSR Committee having during any FY shall constitute a CSR Committee having during any FY shall constitute a CSR Committee having

3 or more directors out of which one has to be 3 or more directors out of which one has to be 3 or more directors out of which one has to be 3 or more directors out of which one has to be

independent director independent director independent director independent director –––– Pvt. Ltd. companies ?? Pvt. Ltd. companies ?? Pvt. Ltd. companies ?? Pvt. Ltd. companies ?? ---- RulesRulesRulesRules

� 2% of average net profits of the previous 3 Yrs to 2% of average net profits of the previous 3 Yrs to 2% of average net profits of the previous 3 Yrs to 2% of average net profits of the previous 3 Yrs to

be spent on CSR activities.be spent on CSR activities.be spent on CSR activities.be spent on CSR activities.

� Disclosure of policy to shareholdersDisclosure of policy to shareholdersDisclosure of policy to shareholdersDisclosure of policy to shareholders

� Give reasons on failure of implementation , if anyGive reasons on failure of implementation , if anyGive reasons on failure of implementation , if anyGive reasons on failure of implementation , if any

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CSR ACTIVITIESCSR ACTIVITIESCSR ACTIVITIESCSR ACTIVITIES� Eradicating hunger, poverty and malnutrition, Eradicating hunger, poverty and malnutrition, Eradicating hunger, poverty and malnutrition, Eradicating hunger, poverty and malnutrition,

promoting preventive health care and sanitation and promoting preventive health care and sanitation and promoting preventive health care and sanitation and promoting preventive health care and sanitation and

making available safe drinking water; making available safe drinking water; making available safe drinking water; making available safe drinking water;

� Promoting education, including special education and Promoting education, including special education and Promoting education, including special education and Promoting education, including special education and

employment enhancing vocation skills especially employment enhancing vocation skills especially employment enhancing vocation skills especially employment enhancing vocation skills especially

among children, women, elderly, & differently abled & among children, women, elderly, & differently abled & among children, women, elderly, & differently abled & among children, women, elderly, & differently abled &

livelihood enhancements projects;livelihood enhancements projects;livelihood enhancements projects;livelihood enhancements projects;

� Promoting gender equality, empowering women, Promoting gender equality, empowering women, Promoting gender equality, empowering women, Promoting gender equality, empowering women,

setting up homes and hostels for women and orphans; setting up homes and hostels for women and orphans; setting up homes and hostels for women and orphans; setting up homes and hostels for women and orphans;

setting up old age homes, day care centers and such setting up old age homes, day care centers and such setting up old age homes, day care centers and such setting up old age homes, day care centers and such

other facilities for senior citizens and measures for other facilities for senior citizens and measures for other facilities for senior citizens and measures for other facilities for senior citizens and measures for

reducing inequalities faced by socially and reducing inequalities faced by socially and reducing inequalities faced by socially and reducing inequalities faced by socially and

economically backward groups;economically backward groups;economically backward groups;economically backward groups;

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CSR ACTIVITIESCSR ACTIVITIESCSR ACTIVITIESCSR ACTIVITIES� Ensuring environmental sustainability, ecological Ensuring environmental sustainability, ecological Ensuring environmental sustainability, ecological Ensuring environmental sustainability, ecological

balance, protection of flora and fauna, animal welfare, balance, protection of flora and fauna, animal welfare, balance, protection of flora and fauna, animal welfare, balance, protection of flora and fauna, animal welfare,

agroforestry, conservation of natural resources and agroforestry, conservation of natural resources and agroforestry, conservation of natural resources and agroforestry, conservation of natural resources and

maintaining quality of soil, air and water;maintaining quality of soil, air and water;maintaining quality of soil, air and water;maintaining quality of soil, air and water;

� Protection of national heritage, art and culture Protection of national heritage, art and culture Protection of national heritage, art and culture Protection of national heritage, art and culture

including restoration of buildings and sites of historical including restoration of buildings and sites of historical including restoration of buildings and sites of historical including restoration of buildings and sites of historical

importance and works of art; setting up public importance and works of art; setting up public importance and works of art; setting up public importance and works of art; setting up public

libraries; promotion and development of traditional libraries; promotion and development of traditional libraries; promotion and development of traditional libraries; promotion and development of traditional

arts and handicrafts; arts and handicrafts; arts and handicrafts; arts and handicrafts;

� Measures for the benefit of armed forces veterans, Measures for the benefit of armed forces veterans, Measures for the benefit of armed forces veterans, Measures for the benefit of armed forces veterans,

war widows and their dependents;war widows and their dependents;war widows and their dependents;war widows and their dependents;

� Training to promote rural sports, nationally recognized Training to promote rural sports, nationally recognized Training to promote rural sports, nationally recognized Training to promote rural sports, nationally recognized

sports, sports, sports, sports, paraolympicparaolympicparaolympicparaolympic sports and Olympic sports;sports and Olympic sports;sports and Olympic sports;sports and Olympic sports;

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CSR ACTIVITIESCSR ACTIVITIESCSR ACTIVITIESCSR ACTIVITIES

� Contribution to the Prime Minister’s National Contribution to the Prime Minister’s National Contribution to the Prime Minister’s National Contribution to the Prime Minister’s National

Relief Fund or any other fund set up by the Relief Fund or any other fund set up by the Relief Fund or any other fund set up by the Relief Fund or any other fund set up by the

Central Government for socioCentral Government for socioCentral Government for socioCentral Government for socio----economic economic economic economic

development and relief and welfare of the development and relief and welfare of the development and relief and welfare of the development and relief and welfare of the

Scheduled Castes, the Scheduled Tribes , other Scheduled Castes, the Scheduled Tribes , other Scheduled Castes, the Scheduled Tribes , other Scheduled Castes, the Scheduled Tribes , other

backward classes, minorities and women;backward classes, minorities and women;backward classes, minorities and women;backward classes, minorities and women;

� Contributions or funds provided to technology Contributions or funds provided to technology Contributions or funds provided to technology Contributions or funds provided to technology

incubators located within academic institutions incubators located within academic institutions incubators located within academic institutions incubators located within academic institutions

which are approved by the Central Government;which are approved by the Central Government;which are approved by the Central Government;which are approved by the Central Government;

� Rural development projects.Rural development projects.Rural development projects.Rural development projects.

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CSR ACTIVITIESCSR ACTIVITIESCSR ACTIVITIESCSR ACTIVITIES

� Slum Area DevelopmentSlum Area DevelopmentSlum Area DevelopmentSlum Area Development

� Contribution to Contribution to Contribution to Contribution to SwachSwachSwachSwach Bharat Fund set up by Bharat Fund set up by Bharat Fund set up by Bharat Fund set up by

CGCGCGCG

� Contribution to Clean Ganga FundContribution to Clean Ganga FundContribution to Clean Ganga FundContribution to Clean Ganga Fund

� Reporting with Board Report Reporting with Board Report Reporting with Board Report Reporting with Board Report –––– AnnexureAnnexureAnnexureAnnexure

� CSR policy also to be displayed on website, if CSR policy also to be displayed on website, if CSR policy also to be displayed on website, if CSR policy also to be displayed on website, if

anyanyanyany

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CSR RULESCSR RULESCSR RULESCSR RULES� CSR expenditure should exclude, activities CSR expenditure should exclude, activities CSR expenditure should exclude, activities CSR expenditure should exclude, activities

undertaken in pursuance of normal course of undertaken in pursuance of normal course of undertaken in pursuance of normal course of undertaken in pursuance of normal course of

business of a companybusiness of a companybusiness of a companybusiness of a company

� Net Profit means net profit as per PL (for Net Profit means net profit as per PL (for Net Profit means net profit as per PL (for Net Profit means net profit as per PL (for

managerial remuneration purpose) less profits managerial remuneration purpose) less profits managerial remuneration purpose) less profits managerial remuneration purpose) less profits

of overseas branches & dividend received from of overseas branches & dividend received from of overseas branches & dividend received from of overseas branches & dividend received from

companies complying with s. 135companies complying with s. 135companies complying with s. 135companies complying with s. 135

� Not required to maintain CSR committee if Not required to maintain CSR committee if Not required to maintain CSR committee if Not required to maintain CSR committee if

conditions not satisfied for 3 consecutive yearsconditions not satisfied for 3 consecutive yearsconditions not satisfied for 3 consecutive yearsconditions not satisfied for 3 consecutive years

� Projects has to be in India onlyProjects has to be in India onlyProjects has to be in India onlyProjects has to be in India only

� Would include payments for corpusWould include payments for corpusWould include payments for corpusWould include payments for corpus

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CSR RULESCSR RULESCSR RULESCSR RULES� Activities can be undertaken by:Activities can be undertaken by:Activities can be undertaken by:Activities can be undertaken by:

� Company itself.Company itself.Company itself.Company itself.

�Registered Trust, Society or s. 8 Co, established by Registered Trust, Society or s. 8 Co, established by Registered Trust, Society or s. 8 Co, established by Registered Trust, Society or s. 8 Co, established by

co. its holding/ subs/ associateco. its holding/ subs/ associateco. its holding/ subs/ associateco. its holding/ subs/ associate

� If, other, then should have established track records If, other, then should have established track records If, other, then should have established track records If, other, then should have established track records

in similar projects for 3 in similar projects for 3 in similar projects for 3 in similar projects for 3 yrsyrsyrsyrs & have specified project& have specified project& have specified project& have specified project

� Should not benefit only employees & their familyShould not benefit only employees & their familyShould not benefit only employees & their familyShould not benefit only employees & their family

� Contribution to Political Party not consideredContribution to Political Party not consideredContribution to Political Party not consideredContribution to Political Party not considered

� CSR policy to specify that surplus arising out of CSR policy to specify that surplus arising out of CSR policy to specify that surplus arising out of CSR policy to specify that surplus arising out of

CSR projects shall not form part of business CSR projects shall not form part of business CSR projects shall not form part of business CSR projects shall not form part of business

profit of a companyprofit of a companyprofit of a companyprofit of a company

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CSR CLARIFICATIONSCSR CLARIFICATIONSCSR CLARIFICATIONSCSR CLARIFICATIONS� Schedule Schedule Schedule Schedule VII VII VII VII to to to to be interpreted be interpreted be interpreted be interpreted liberally. Items are liberally. Items are liberally. Items are liberally. Items are

broadbroadbroadbroad----based based based based & intended & intended & intended & intended to cover a wide range of to cover a wide range of to cover a wide range of to cover a wide range of

activities as activities as activities as activities as illustratively illustratively illustratively illustratively mentioned mentioned mentioned mentioned in annexure in annexure in annexure in annexure

� OneOneOneOne----off off off off events such as marathons/ awards/ events such as marathons/ awards/ events such as marathons/ awards/ events such as marathons/ awards/

charitable contribution/ advertisement/ charitable contribution/ advertisement/ charitable contribution/ advertisement/ charitable contribution/ advertisement/

sponsorships of TV programmes etc. sponsorships of TV programmes etc. sponsorships of TV programmes etc. sponsorships of TV programmes etc. not CSR not CSR not CSR not CSR

expenditure expenditure expenditure expenditure

� Expenses Expenses Expenses Expenses incurred incurred incurred incurred for for for for the the the the fulfillmentfulfillmentfulfillmentfulfillment of any Act/ of any Act/ of any Act/ of any Act/

Statute of regulations (such as Labour Laws, Statute of regulations (such as Labour Laws, Statute of regulations (such as Labour Laws, Statute of regulations (such as Labour Laws,

Land Acquisition Act etc.) Land Acquisition Act etc.) Land Acquisition Act etc.) Land Acquisition Act etc.) not CSR not CSR not CSR not CSR expenditure expenditure expenditure expenditure

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CSR CLARIFICATIONSCSR CLARIFICATIONSCSR CLARIFICATIONSCSR CLARIFICATIONS� Salaries Salaries Salaries Salaries paid paid paid paid to to to to regular CSR staff regular CSR staff regular CSR staff regular CSR staff / volunteers / volunteers / volunteers / volunteers of of of of

co. (co. (co. (co. (in proportion to company’s time/hours spent in proportion to company’s time/hours spent in proportion to company’s time/hours spent in proportion to company’s time/hours spent

specifically on CSR) can be factored into CSR specifically on CSR) can be factored into CSR specifically on CSR) can be factored into CSR specifically on CSR) can be factored into CSR

project cost as part of the CSR expenditure project cost as part of the CSR expenditure project cost as part of the CSR expenditure project cost as part of the CSR expenditure

� ““““Any financial year” referred Any financial year” referred Any financial year” referred Any financial year” referred s. 135(1) s. 135(1) s. 135(1) s. 135(1) read with read with read with read with

Rule 3(2Rule 3(2Rule 3(2Rule 3(2), ), ), ), implies ‘any of the implies ‘any of the implies ‘any of the implies ‘any of the 3 3 3 3 preceding preceding preceding preceding FYs’. FYs’. FYs’. FYs’.

� Expenditure Expenditure Expenditure Expenditure incurred by Foreign Holding incurred by Foreign Holding incurred by Foreign Holding incurred by Foreign Holding Co. for Co. for Co. for Co. for

CSR activities in India will qualify as CSR spend CSR activities in India will qualify as CSR spend CSR activities in India will qualify as CSR spend CSR activities in India will qualify as CSR spend

of the Indian subsidiary if, of the Indian subsidiary if, of the Indian subsidiary if, of the Indian subsidiary if, CSR CSR CSR CSR expenditures are expenditures are expenditures are expenditures are

routed through Indian subsidiaries and routed through Indian subsidiaries and routed through Indian subsidiaries and routed through Indian subsidiaries and required required required required

as as as as per per per per s. 135 s. 135 s. 135 s. 135

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CSR CLARIFICATIONSCSR CLARIFICATIONSCSR CLARIFICATIONSCSR CLARIFICATIONS� ‘‘‘‘Registered Trust’ Registered Trust’ Registered Trust’ Registered Trust’ would would would would include Trusts registered include Trusts registered include Trusts registered include Trusts registered

under Income Tax under Income Tax under Income Tax under Income Tax Act, Act, Act, Act, for those States where for those States where for those States where for those States where

registration of Trust is not mandatory registration of Trust is not mandatory registration of Trust is not mandatory registration of Trust is not mandatory

� Contribution Contribution Contribution Contribution to Corpus of a Trust/ society/ to Corpus of a Trust/ society/ to Corpus of a Trust/ society/ to Corpus of a Trust/ society/ s. 8 s. 8 s. 8 s. 8

companies etc. will qualify as CSR expenditure companies etc. will qualify as CSR expenditure companies etc. will qualify as CSR expenditure companies etc. will qualify as CSR expenditure

as long as as long as as long as as long as

� TrustTrustTrustTrust/ society/ / society/ / society/ / society/ s. 8 s. 8 s. 8 s. 8 companies etc. is created companies etc. is created companies etc. is created companies etc. is created

exclusively for undertaking CSR exclusively for undertaking CSR exclusively for undertaking CSR exclusively for undertaking CSR activities, activities, activities, activities, or or or or

�WWWWhere here here here the corpus is created exclusively for a purpose the corpus is created exclusively for a purpose the corpus is created exclusively for a purpose the corpus is created exclusively for a purpose

directly relatable to a subject covered in Schedule VII directly relatable to a subject covered in Schedule VII directly relatable to a subject covered in Schedule VII directly relatable to a subject covered in Schedule VII

of the Act. of the Act. of the Act. of the Act.

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CSR CLARIFICATIONS CSR CLARIFICATIONS CSR CLARIFICATIONS CSR CLARIFICATIONS –––– ITEMS COVEREDITEMS COVEREDITEMS COVEREDITEMS COVERED

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S. No.S. No.S. No.S. No. ItemItemItemItem Where CoveredWhere CoveredWhere CoveredWhere Covered

1111 EducatingEducatingEducatingEducating masses and promoting masses and promoting masses and promoting masses and promoting

Road safety awarenessRoad safety awarenessRoad safety awarenessRoad safety awareness

Yes Yes Yes Yes –––– Promoting EducationPromoting EducationPromoting EducationPromoting Education

2222 Driver’s TrainingDriver’s TrainingDriver’s TrainingDriver’s Training Yes Yes Yes Yes –––– Vocational SkillsVocational SkillsVocational SkillsVocational Skills

3333 Training to enforcement personnel Training to enforcement personnel Training to enforcement personnel Training to enforcement personnel Not CoveredNot CoveredNot CoveredNot Covered

4444 Safety traffic engineering and Safety traffic engineering and Safety traffic engineering and Safety traffic engineering and

awareness through print, audio and awareness through print, audio and awareness through print, audio and awareness through print, audio and

visual media visual media visual media visual media


5555 Giving medical and Legal aid, Giving medical and Legal aid, Giving medical and Legal aid, Giving medical and Legal aid,

treatment to road accident victimstreatment to road accident victimstreatment to road accident victimstreatment to road accident victims

Yes Yes Yes Yes ---- promoting health care promoting health care promoting health care promoting health care

including preventive health careincluding preventive health careincluding preventive health careincluding preventive health care

6666 Provisions for aids and appliances to Provisions for aids and appliances to Provisions for aids and appliances to Provisions for aids and appliances to

the differentlythe differentlythe differentlythe differently---- able persons able persons able persons able persons

Yes Yes Yes Yes ---- promoting health care promoting health care promoting health care promoting health care

including preventive health care including preventive health care including preventive health care including preventive health care

7777 Capacity building for farmers covering Capacity building for farmers covering Capacity building for farmers covering Capacity building for farmers covering

best sustainable farm management best sustainable farm management best sustainable farm management best sustainable farm management

practices practices practices practices

Yes Yes Yes Yes –––– Vocational Skills,Vocational Skills,Vocational Skills,Vocational Skills,

livelihood enhancement livelihood enhancement livelihood enhancement livelihood enhancement

projects projects projects projects


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8888 Training Agriculture Labour on skill Training Agriculture Labour on skill Training Agriculture Labour on skill Training Agriculture Labour on skill

development. development. development. development.

Yes Yes Yes Yes –––– Vocational SkillsVocational SkillsVocational SkillsVocational Skills

9999 Doing research on field for crops to Doing research on field for crops to Doing research on field for crops to Doing research on field for crops to

find out most cost optimum & find out most cost optimum & find out most cost optimum & find out most cost optimum & AgriAgriAgriAgri ––––

ecological sustainable farm practices ecological sustainable farm practices ecological sustainable farm practices ecological sustainable farm practices

with a focus on water management. with a focus on water management. with a focus on water management. with a focus on water management.

Yes Yes Yes Yes ---- Ecological balance’, Ecological balance’, Ecological balance’, Ecological balance’,

‘maintaining quality of soil, air ‘maintaining quality of soil, air ‘maintaining quality of soil, air ‘maintaining quality of soil, air

and water and water and water and water

10101010 To do Product Life Cycle analysis from To do Product Life Cycle analysis from To do Product Life Cycle analysis from To do Product Life Cycle analysis from

the soil conservation point of view the soil conservation point of view the soil conservation point of view the soil conservation point of view

Yes Yes Yes Yes ---- Conservation of natural Conservation of natural Conservation of natural Conservation of natural

resource” & ‘maintaining resource” & ‘maintaining resource” & ‘maintaining resource” & ‘maintaining

quality of soil, air & waterquality of soil, air & waterquality of soil, air & waterquality of soil, air & water

11111111 Consumer Protection Services Consumer Protection Services Consumer Protection Services Consumer Protection Services ----

Consumer education and awareness Consumer education and awareness Consumer education and awareness Consumer education and awareness


12121212 Donations to IIMA for conservation of Donations to IIMA for conservation of Donations to IIMA for conservation of Donations to IIMA for conservation of

buildings & renovation of classrooms buildings & renovation of classrooms buildings & renovation of classrooms buildings & renovation of classrooms


13131313 Non Academic Non Academic Non Academic Non Academic TechnoparkTechnoparkTechnoparkTechnopark not located not located not located not located

within an academic Institution but within an academic Institution but within an academic Institution but within an academic Institution but

approved by approved by approved by approved by DepttDepttDepttDeptt. of Science & Tech. . of Science & Tech. . of Science & Tech. . of Science & Tech.



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14141414 Disaster Relief Disaster Relief Disaster Relief Disaster Relief Yes Yes Yes Yes ---- Depending on activityDepending on activityDepending on activityDepending on activity

• Medical aid Medical aid Medical aid Medical aid ---- health carehealth carehealth carehealth care

• Food supply Food supply Food supply Food supply ---- eradicating eradicating eradicating eradicating

hunger, poverty & malnutritionhunger, poverty & malnutritionhunger, poverty & malnutritionhunger, poverty & malnutrition

• Supply of clean water Supply of clean water Supply of clean water Supply of clean water ----

sanitation & making available sanitation & making available sanitation & making available sanitation & making available

safe drinking watersafe drinking watersafe drinking watersafe drinking water

15151515 Trauma care around highways in Trauma care around highways in Trauma care around highways in Trauma care around highways in

case of road accidents case of road accidents case of road accidents case of road accidents

Yes Yes Yes Yes ---- Health CareHealth CareHealth CareHealth Care

16161616 Rural development projects Rural development projects Rural development projects Rural development projects YesYesYesYes

17171717 Supplementing of Govt. schemes Supplementing of Govt. schemes Supplementing of Govt. schemes Supplementing of Govt. schemes

like midlike midlike midlike mid----day meal day meal day meal day meal

Yes Yes Yes Yes –––– poverty and malnutritionpoverty and malnutritionpoverty and malnutritionpoverty and malnutrition

18181818 Research and Studies in the areas Research and Studies in the areas Research and Studies in the areas Research and Studies in the areas

specified in Schedule VII specified in Schedule VII specified in Schedule VII specified in Schedule VII

Yes, under respective areasYes, under respective areasYes, under respective areasYes, under respective areas

19191919 Capacity building of government Capacity building of government Capacity building of government Capacity building of government

officials and elected representatives officials and elected representatives officials and elected representatives officials and elected representatives

Not CoveredNot CoveredNot CoveredNot Covered


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20202020 Sustainable urban development Sustainable urban development Sustainable urban development Sustainable urban development

and urban public transport and urban public transport and urban public transport and urban public transport

systems systems systems systems


21212121 Enabling access to, or improving Enabling access to, or improving Enabling access to, or improving Enabling access to, or improving

the delivery of, public health the delivery of, public health the delivery of, public health the delivery of, public health

systems systems systems systems

Yes Yes Yes Yes ---- Under “healthcare” or Under “healthcare” or Under “healthcare” or Under “healthcare” or

“measures for reducing inequalities “measures for reducing inequalities “measures for reducing inequalities “measures for reducing inequalities

faced by socially & economically faced by socially & economically faced by socially & economically faced by socially & economically

backward groups”, depending on backward groups”, depending on backward groups”, depending on backward groups”, depending on

the contextthe contextthe contextthe context

22222222 Slum reSlum reSlum reSlum re----development or EWS development or EWS development or EWS development or EWS

housing housing housing housing

Yes Yes Yes Yes ---- measures for reducing measures for reducing measures for reducing measures for reducing

inequalities faced by socially & inequalities faced by socially & inequalities faced by socially & inequalities faced by socially &

economically backward groups economically backward groups economically backward groups economically backward groups

23232323 Renewable energy projects Renewable energy projects Renewable energy projects Renewable energy projects Yes Yes Yes Yes ---- Environmental sustainability, Environmental sustainability, Environmental sustainability, Environmental sustainability,

ecological balance and ecological balance and ecological balance and ecological balance and

conservation of natural resources conservation of natural resources conservation of natural resources conservation of natural resources

24242424 USUSUSUS----India Physicians Exchange India Physicians Exchange India Physicians Exchange India Physicians Exchange

Program Program Program Program


EXPENDITURE UNDER INCOME TAXEXPENDITURE UNDER INCOME TAXEXPENDITURE UNDER INCOME TAXEXPENDITURE UNDER INCOME TAX

�Not allowable u/s 37 (Finance Not allowable u/s 37 (Finance Not allowable u/s 37 (Finance Not allowable u/s 37 (Finance Act Act Act Act

2014)2014)2014)2014)

�ProjectsProjectsProjectsProjects

�CorpusCorpusCorpusCorpus

�PM National Relief PM National Relief PM National Relief PM National Relief FundFundFundFund

�Clean Ganga & Clean Ganga & Clean Ganga & Clean Ganga & SSSSwachwachwachwach Bharat Fund Bharat Fund Bharat Fund Bharat Fund

–––– 80 G restrictions 80 G restrictions 80 G restrictions 80 G restrictions –––– Finance Act Finance Act Finance Act Finance Act

2015201520152015

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POINTS TO PONDERPOINTS TO PONDERPOINTS TO PONDERPOINTS TO PONDER

�Management ServicesManagement ServicesManagement ServicesManagement Services

�RatificationRatificationRatificationRatification

�20 Limit20 Limit20 Limit20 Limit

�IFCIFCIFCIFC

�SAsSAsSAsSAs

�Fraud ReportingFraud ReportingFraud ReportingFraud Reporting

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FALSE STATEMENT (448)FALSE STATEMENT (448)FALSE STATEMENT (448)FALSE STATEMENT (448)� IfIfIfIf anyanyanyany personpersonpersonperson makesmakesmakesmakes aaaa falsefalsefalsefalse statementstatementstatementstatement inininin

anyanyanyany::::

� ReturnReturnReturnReturn

� ReportReportReportReport

� CertificateCertificateCertificateCertificate

� FSFSFSFS

� ProspectusProspectusProspectusProspectus

� OtherOtherOtherOther documentdocumentdocumentdocument underunderunderunder thisthisthisthis ActActActAct

� IsIsIsIs falsefalsefalsefalse inininin anyanyanyany materialmaterialmaterialmaterial particulars,particulars,particulars,particulars, knowingknowingknowingknowing itititit totototo bebebebe falsefalsefalsefalse

� OmitsOmitsOmitsOmits anyanyanyany materialmaterialmaterialmaterial factfactfactfact knowingknowingknowingknowing itititit totototo bebebebe materialmaterialmaterialmaterial

�ActionActionActionAction u/su/su/su/s 447447447447

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CA. Pramod JainCA. Pramod JainCA. Pramod JainCA. Pramod [email protected]@[email protected]@lunawat.com

+91 9811073867+91 9811073867+91 9811073867+91 9811073867

© 2015 CA. Pramod Jain, Lunawat & Co

Together …we shall make it….Together …we shall make it….Together …we shall make it….Together …we shall make it….

CSR AND ISSUES IN AUDIT - Lunawat

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