What Is CSR
Benefits of Registering for CSR-1
How to Register for CSR-1
In order to register for CSR-1, NGOs must first create an account on the official website. Once they have done so, they can then login and click on the ‘Register’ button. After filling out the required information and submitting it, their registration will be complete.
Importance of CSR-1
CSR has become a buzzword in recent years, with businesses and organisations of all sizes trying to implement it in some way or the other. However, its implementation is not always as simple as it seems. In India, for example, NGOs need to register themselves under the Companies Act in order to be eligible for CSR projects.
This process can be quite complicated, but it is essential in order to ensure that the NGO is legitimate and that the project will be properly carried out. Additionally, registration gives the NGO certain legal protections and allows them to receive tax exemption status.
Overall, registering an NGO in order to receive CSR projects is a critical step in ensuring that the organisation can operate effectively and efficiently. It also allows the NGO to tap into a new source of funding which can be used to further their cause.
Eligibility Criteria for NGOs
- Be a registered Indian charity or non-profit organization
- Have an Indian bank account
- Have a valid PAN card
- Submit annual financial statements
- Comply with all other applicable laws and regulations
Filing of Form for CSR Funding
Documents Required for CSR-1 Registration
- Certificate of Registration:This document must be issued by the Registrar of Companies, Society, or Trust registration, as applicable. It should include the date of registration, registration number, and registered office address of the NGO.
- Memorandum and Articles of Association/Trust Deed/Society Bye-Laws:These documents contain the rules and regulations governing the NGO’s activities. They must be submitted in their original form, duly signed and stamped by the relevant authorities.
- PAN Card:The Permanent Account Number (PAN) is an unique alphanumeric code allotted by the Income Tax Department to entities engaged in financial transactions. NGOs must submit a copy of their PAN card along with their CSR-1 application form.
- Audited Financial Statements:All NGOs seeking CSR-1 registration must submit audited financial statements for the previous three years, prepared in accordance with generally accepted accounting principles (GAAP). These statements must be certified by a practicing chartered accountant or cost accountant.
- Annual Report:The NGO’s annual report for the previous year should be submitted along with the CSR-1 application form. The report should include details on the NGO’s activities during the year, financial position, achievements, etc.
Applicability of Form CSR-1
- Companies with a net worth of INR 500 crores or more
- Companies with a turnover of INR 1000 crores or more
- Companies with a net profit of INR 5 crores or more
- Public sector undertakings (PSUs)
- Government-owned companies
- Non-governmental organizations (NGOs) that receive donations of INR 10 crores or more in a financial year
Faq
A: In some jurisdictions, online registration of societies is possible. However, offline registration may be required in certain cases.