Issue realting to accounting auditing and taxation – CA. Akhil Jindal PDF
Preview Issue realting to accounting auditing and taxation – CA. Akhil Jindal
5th July 2014 Presented By : CA (Dr). Akhil B.S Jindal B.Com (H),F.C.A, Ph.D, ISA(ICAI) Email:[email protected] www.jindalandcompany.com What Do We Have In Hand Introduction Corporate social responsibility Formation of Trust /Society/Section 25 company etc Trust deed/MOA Rules and regulation etc Registration with Income Tax Department u/s 12 AA/ 80 g 10(23)(c) Withdrawal of registration and 12AA and forfeiture of exemption Annual Compliance 2 Today’s talk Corporate Social Responsibility – Concept N.P.O’s popularly called as Charitable trust exist as non-profit companies, associations, society, co operatives , social welfare association ,waqf or trusts The objectives and structure is the essence . This distinguish an NPO from a commercial organization. Registered and regulated through multiple channels Income exempt of N.P.Os Tax incentives to the donors Private and Family trust not being NP outside the scope of present discussion 3 First Thing First Corporate Social Responsibility It is the management obligation to make choices for the well being of the organization as well as for the welfare and interest of stakeholders and society. It is a implied contract between the company and the community to work for the benefit of the community. 4 Core Element of CSR care for the stakeholders ethical functioning respect for workers , human, society and environment Activities for social development. 5 Few examples of non compliance of CSR- Coca cola bottling facilities in Plachimada has remained shut since August 2005 due to concerns about water shortages and pollution and recently fined Rs.216 Cr. Norsk Hydro tried very hard to set up an alumina plant in Orissa but ultimately had to abandon it due to pressures from communities. Tata Motors was forced to relocate its Nano plant out of Singur despite being invited there by the West Bengal govt. 6 CSR BY SOME COMPANIES BHARTI’S Social and Community Initiatives Bharti Foundation is contributing towards social and community initiatives through following ways. Adopting Satya Bharti Schools Supporting scholars under Bharti Scholarship Scheme Conducting social, community & environmental initiative in and around villages where schools are located ONGC’S CSR Initiatives Education: Ashadeep- shiksha ki jyot- an initiative for girl child Heat- support for the education of hemophilia affected children Healthcare: Setting up multi speciality 500-200 bedded hospitals at Assam & Gujarat 7 COMPNIES BILL 2011 Companies must “make every endeavor” to ensure that they spend a minimum amount (2% of the average net profits for preceding 3 years) on activities pursuant to their CSR policy. Since a move to impose a mandatory requirement for CSR has come under severe criticism, the Ministry seems to have adopted a half-way house approach, short of making CSR mandatory. Ultimately, the nature of the obligation, if any, will boil down to semantics and interpretation of the expression “every endeavor”, and it is unlikely that such an obligation is capable of being enforced to any level of specificity. 8 Most important definition Charitable purpose u/s 2(15) of Income Tax Act 1961. The amended definition of charitable purpose w.e.f April 1st 2009 means that Charitable purpose includes 9 1.Relief of poor 10
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