Corporate Social Responsibility: Actions required before March 31, 2023

The Companies for which the Corporate Social Responsibility (CSR) provisions are applicable for the Financial Year 2022-23 are required to spend the 2% of average net profit of preceding three financial years before March 31, 2023. In case, the CSR amount is allocated to any ongoing project, then such amount shall be transferred to a separate bank account within April 30, 2023.

The Ministry of Corporate Affairs (MCA) has made it mandatory for all the companies for which CSR provisions were applicable, to file form CSR 2 through online portal of MCA on or before March 31, 2023.