CSR-1 Filing

CSR-1 filing refers to the filing of the Form CSR-1 with the Ministry of Corporate Affairs (MCA) in India. CSR (Corporate Social Responsibility) is a regulatory requirement for certain companies under the Companies Act, 2013. Companies meeting specific criteria are obligated to spend a certain percentage of their profits on CSR activities. The CSR-1 form is used to report details of the CSR policy adopted by the company.

Here's an overview of the CSR-1 filing process:

CSR-1 Filing Process:

Eligibility Check: Determine whether the company is covered under the criteria mandating CSR spending. Companies meeting certain financial criteria are required to spend at least 2% of their average net profits on CSR activities.

CSR Committee Formation: Establish a CSR Committee consisting of at least three directors, with at least one independent director.

Development of CSR Policy: Develop a CSR policy that outlines the company's approach to CSR activities. The policy should include details such as the focus areas, activities to be undertaken, and the manner of execution.

Board Approval: Obtain approval for the CSR policy from the board of directors. The policy should be placed on the company's website, if any.

Filing of CSR-1 Form: File Form CSR-1 with the MCA. This form is used to notify the Registrar of Companies (RoC) about the adoption of the CSR policy by the company.

DOCUMENTATION FOR CSR

The documentation for CSR (Corporate Social Responsibility) activities involves several key elements to ensure compliance with legal requirements and transparency in reporting. Here is a guide to the documentation required for CSR activities.

CSR Policy Document:

CSR Policy: Develop a comprehensive CSR policy that outlines the company's approach to CSR activities. The policy should include details such as focus areas, objectives, implementation methodology, and monitoring mechanisms.

Board Approval: Obtain board approval for the CSR policy. The board resolution approving the CSR policy should be documented.

Publication on Company Website: Publish the CSR policy on the company's official website, if applicable. This is a requirement under the Companies Act, 2013.

Board and Committee Resolutions:

CSR Committee Constitution: Form a CSR Committee comprising at least three directors, including one independent director. Document the constitution of the CSR Committee through a board resolution.

Committee Meetings: Document minutes of CSR Committee meetings where decisions related to CSR activities, budget allocation, and implementation plans are discussed and approved.

Budget and Allocations:

Budget for CSR Activities: Develop a detailed budget for CSR activities, specifying the funds allocated for each identified project or program.

Board Approval for Budget: Obtain board approval for the CSR budget through a board resolution.

CSR Implementation:

Agreements and MOUs: If collaborating with external agencies or NGOs for CSR projects, document agreements or Memorandums of Understanding (MOUs) outlining the terms and conditions of the collaboration.

Project Plans and Timelines: Document detailed project plans, including timelines, milestones, and expected outcomes for each CSR initiative.

Monitoring and Reporting:

Monitoring Mechanism: Establish a monitoring and evaluation mechanism to track the progress of CSR projects. Document the monitoring protocols.

CSR Reports: Prepare periodic CSR reports documenting the progress, achievements, and challenges faced during the implementation of CSR activities.

Statutory Compliance:

CSR-1 Form: File CSR-1 form with the Ministry of Corporate Affairs (MCA) to notify the adoption of the CSR policy. Include details such as the composition of the CSR Committee and the CSR policy.

Annual CSR Report: Disclose CSR activities in the annual report of the company, as required by the Companies Act.