The Ministry of Corporate Affairs (MCA) has extended the deadline for filing Form CSR-2 for the financial year 2023-24 to March 31, 2025, through Notification No. G.S.R. 794(E) dated December 31, 2024. This extension provides companies additional time to ensure compliance with Corporate Social Responsibility (CSR) reporting requirements.
Key Highlights of the Notification
| Particulars | Details |
|---|---|
| Notification No. | G.S.R. 794(E) |
| Date of Notification | December 31, 2024 |
| Previous Deadline | December 31, 2024 |
| Extended Deadline | March 31, 2025 |
| Form Affected | CSR-2 (Corporate Social Responsibility Report) |
| Relevant Rules Amended | Rule 12(1B) of the Companies (Accounts) Rules, 2014 |
| Purpose of the Extension | To provide companies with additional time to ensure accurate and complete CSR disclosures. |
Background of CSR-2 Filing
- CSR-2 Overview:
- Form CSR-2 is a mandatory filing for companies falling under the purview of Section 135 of the Companies Act, 2013.
- It requires disclosure of CSR spending, activities undertaken, and related compliance details.
- Applicability:
- Applicable to companies meeting the CSR criteria, including net worth, turnover, or net profit thresholds as per Section 135.
- Purpose:
- To ensure transparency and accountability in CSR spending and activities.
Key Provisions of the Notification
The Companies (Accounts) Second Amendment Rules, 2024, amend Rule 12(1B) of the Companies (Accounts) Rules, 2014, as follows:
- Original Deadline: December 31, 2024.
- Revised Deadline: March 31, 2025.
This amendment allows companies additional time to gather and report accurate CSR data for FY 2023-24.
Implications for Companies
- Additional Compliance Time:
- Companies now have until March 31, 2025, to file Form CSR-2, reducing the risk of errors or omissions.
- Enhanced Data Accuracy:
- The extension enables companies to ensure thorough preparation and verification of CSR-related information.
- Avoidance of Penalties:
- Timely compliance with the extended deadline helps companies avoid penalties and other repercussions under the Companies Act, 2013.
Steps for Compliance
- Prepare CSR Data:
- Compile details of CSR activities, spending, and compliance as required under Section 135.
- Review CSR Records:
- Ensure accuracy and completeness of records before submission.
- File Form CSR-2:
- Submit the form through the MCA portal by the extended deadline of March 31, 2025.
- Seek Professional Assistance:
- Engage with compliance professionals for guidance on accurate reporting.
Conclusion
The extension of the Form CSR-2 filing deadline to March 31, 2025, reflects the MCA’s commitment to supporting companies in meeting their compliance obligations. Companies are encouraged to utilize this additional time to ensure thorough and accurate reporting. For detailed guidelines, refer to the official MCA notification.
