CSR registration in Nasik- Fees, Benefits, CSR applicability
CSR registration in Nasik allows NGOs, irrespective of Trust, Society or Section 8 Company, to get CSR funds from corporates. CSR stands for Corporate Social Responsibility and refers to the grant and funding process through which non-profit organizations (NGOs) are able to receive financial and other financial support from the business sector.
The goal of bringing all NGOs under one umbrella is to develop an effective CSR spending tracking system. The CSR-1 registration process is entirely online and can be done only with certification of Practicing CA, CS or CMA. Once CSR registration is done and approved, Registered NGOs can apply for registration on CSR Exchange Portal after 30 days from the date of approval.
CSR-1 Approval Letter
CSR Applicability for NGOs
The Rules state that the Board of directors of a company must ensure that the company's employees participate in CSR activities either through CSR actions or by:
- A registered society, a registered trust, a Section 8 corporation or a company founded under Section 12A or 80G in the Revenue Tax Act, 1961, incorporated by the corporation.
- A company that is registered in accordance with Section 8 of the Act or a registered society, or a registered trust created with the help of government officials from the Central State Government. State Government.
- Entities are created by the laws of a State Legislature or Act of Parliament.
So, a business can engage in CSR activities independently or through a company that is registered under Section 8, registered society or public trust, or an NGO, as described above. These entities or businesses that plan to carry out a CSR action must register their businesses with the Registrar of Companies by filing the CSR-1 form electronically.
Important: In order to get funds from foreign sources, NGO need to register for FCRA certificate apart from CSR registration.
CSR Applicability for Companies
According to the Companies Act of 2013, it is mandatory for a company to contribute 2% of the net profit in a financial year to the CSR funds. In accordance with the Companies Act, The CSR provision applies to companies having
- The net worth of Rs 500 Cr or more in a financial year or,
- A turnover of Rs 1000 Cr or more in a financial year or,
- A Net profit of Rs 5 Cr or more.
CSR Registration Fees in Nasik
The cost of filing an electronic form CSR-1 in Nasik is ₹2,999 only; however, the amount may differ depending on the chairperson's valid DSC. If the chairperson has a valid DSC, the filing fee will be only ₹2,999.
If the chairperson doesn't possess an approved DSC, the fee would be the amount of ₹2,000 (for DSC) + ₹2,999 (Filing Fee) equals ₹4,999 only.
| CSR Filing | Fee(₹) |
|---|---|
| CSR Filing Fees with Valid DSC | ₹2,999 |
| CSR Filing Fees without Valid DSC | ₹2,999 + ₹2,000 = ₹4,999 |
Documents required for CSR-1 Registration in Nasik
The documents that must be uploaded to CSR-1 Registration in Nasik are as follows:
- 12AB & 80G Registration Order Copy
- A copy of the PAN of the NGO
- DIN/PAN for the Director, Secretary, and Trustee. of the company.
- DSC of the applicant entity
- Trust Deed (for charitable trust)
- Registration Certificate (For section 8 company)
- Memorandum (For a Registered Society)
- Email ID and Mobile Number
- Details of members of the organization
Benefits of CSR registration
CSR Registration is beneficial for both the registered NGOs and Corporate companies in Nasik.
- Helps NGOs to get CSR Funds When NGOs register for CSR, they get the opportunity to attract tons of corporate companies who are willing to provide significant financial support to lead CSR activities. The process of obtaining corporate funding and donations from companies is easier due to the lack of legal obstacles.
- High Authenticity of NGO The funds provided by CSR are used to address social development and have an impact on the standard of living of economically disadvantaged and marginalized members of society, so they can lead healthy and dignified lives. CSR is a corporate effort to evaluate and accept responsibility for the impact of the business on the environment as well as its impact on social well-being.
- Builds Company Reputation When corporate companies contribute to a greater cause, it builds the brand’s reputation among the people. It is also a significant statement for businesses to represent what they stand for. It assists its employees, people, and the organization itself in contributing to something larger than its own needs. CSR also provides a sense of belonging to employees. It strengthens employee bonds as well as devotion to the organization.
- Encourages positive social and environmental changes CSR is linked to the company's efforts to protect the environment and encourages positive environmental and social changes. CSR activities include the promotion of health, education and water, as well as environmental, social empowerment, and employment generation training for young people and women and differently-abled people through livelihood improvement projects.
How to apply for CSR Registration in Nasik?
Process of CSR-1 registration:
Documentation
Filing on MCA Portal
Inspection of the Form
Approval Letter from MCA
Frequently Asked Questions (FAQs)
How to get CSR Funds from Companies in Nasik?
You need to file a CSR-1 form to get CSR funds from companies. Apart from that, you also need to prepare a project report that includes detailed information about the CSR activity and its impact on society. A good project report attracts good funds.
How long does it take to register a CSR-1 in Nasik?
A CSR form can be filed in about two days. However, if you do not have the project report ready, it may take up to 10-15 days to write an appealing project report that boosts your chances of receiving more and more CSR funds.
Why should non-profit organizations file Form CSR-1?
To receive contributions from companies, an NGO must be registered on the MCA's CSR platform. Only NGOs who have registered with the Central Government by submitting form CSR-1 will be eligible for CSR funding.
Is 12A & 80G required for CSR Registration?
Yes, an NGO seeking CSR must be registered under sections 12A and 80G of the Income Tax Act of 1961.
Is it possible for a freshly registered NGO in Nasik to apply for CSR Registration?
No, a freshly registered NGO cannot file CSR because a CSR-eligible entity must be at least three years old.
Whether we are allowed to File Form CSR-1?
All the existing NGOs which are registered under Section 12A and Section 80G of Income Tax Act 1961 has to file re-registration request under both section on or before 30.06.2021. Till 30.06.2021 all the existing registrations are valid and on the basis of which you can file Form CSR-1 on MCA Portal for getting CSR Funding.
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