[Checklist] Clause 3(xx) to 3(xxi) of CARO 2020
- Blog|News|Account & Audit|
- < 1 minute
- By Taxmann
- |
- Last Updated on 5 August, 2022
Latest from Taxmann
Clause 3(xx)(a): whether, in respect of other than ongoing projects, the company has transferred unspent amount to a Fund specified in Schedule VII to the Companies Act within a period of six months of the expiry of the financial year in compliance with second proviso to sub-section (5) of section 135 of the said Act;
Therefore, for the fulfillment of the requirement of this clause the auditor has to check and comment on the following:
a) Check whether the provisions of Section 135 of the Companies Act 2013 are applicable to the company. If not, clause 3(xx)(a) and 3(xx)(b) are not applicable to the company.
b) look over documents like approval of CSR policy by the board, agenda and minutes of meetings of CSR Committee, workings for calculating the amount needed to be spent etc. to find the amount proposed to be spent on projects which are identified as per Schedule VII.
c) Obtained management representation for the amount spent for projects other than ongoing projects.
d) Whether the quantity of spending has been demonstrated with proper supporting documents?
e) Whether the expenditure made by the company is as per the company’s CSR policy and is as per the provisions of the Act?
Click Here To Read The Full Story
Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxmann has exercised reasonable efforts to ensure the veracity of information/content published, Taxmann shall be under no liability in any manner whatsoever for incorrect information, if any.
Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.
The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:
- The statutory material is obtained only from the authorized and reliable sources
- All the latest developments in the judicial and legislative fields are covered
- Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
- Every content published by Taxmann is complete, accurate and lucid
- All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
- The golden rules of grammar, style and consistency are thoroughly followed
- Font and size that’s easy to read and remain consistent across all imprint and digital publications are applied
Sign Up
To subscribe to our weekly newsletter please log in/register on Taxmann.com
Latest Books
Everything on Tax and Corporate Laws of India
To subscribe to our weekly newsletter please log in/register on Taxmann.com
CA | CS | CMA
