The Ministry of Corporate Affairs (MCA) has made it mandatory for corporates to file CSR return and annual return of their financial statements separately. The ministry has also shortened the window for CSR return filing for 2023-24.
This means companies will now have to file their CSR return (CSR-2) for 2023-24 by 31st December 2024. This has to be filed separately independent of AOC-4, or the annual return form to be filed within 30 days of an Annual General Meeting (AGM). This move is expected to promote greater transparency and accuracy.
In a notification issued earlier this week, the ministry stated, “Provided also that for the financial year 2023-2024, Form CSR-2 shall be filed separately on or before 31st December, 2024 after filing Form No. AOC-4 or Form No. AOC-4-NBFC (Ind AS), as specified in these rules or Form No. AOC-4 XBRL as specified in the Companies (Filing of Documents and Forms in Extensible Business Reporting Language) Rules, 2015 as the case may be.”
The Companies (Accounts) Rules, 2014 were amended in 2022 to mandate CSR-2 as a supplement to AOC-4. However, in 2023, this was changed to require separate CSR-2 filings after AOC-4 submissions for FY 2022-23, with a deadline of March 31, 2024. Introduced in 2022, Form CSR-2 requires companies to report details of their CSR initiatives, including projects undertaken, CSR committees, spending, and unspent funds.
PM Internship Scheme
Meanwhile, the Government of India is coming up with a comprehensive scheme for providing internship opportunities in top companies. The Ministry of Corporate Affairs (MCA) is soon expected to publish a list of 500 companies which can participate in the Centre’s internship scheme, based on the average annual Corporate Social Responsibility (CSR) expenditure of the previous three years, as per reports. The scheme was announced by Union Finance Minister Nirmala Sitharaman during the Union Budget 2024-25.
This scheme will offer a chance to top spenders on Corporate Social Responsibility (CSR) obligations, such as Reliance Industries, Tata Consultancy Services, HDFC Bank, ONGC, Infosys and NTPC to train more candidates. The government is preparing to launch the PM’s Internship scheme reportedly within a month.
