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On 11 February 2022, the Ministry of Corporate Affairs (MCA) had amended Rule 12 of the Companies (Accounts) Rules, 2014 (the Accounts Rules), thereby inserting a new sub-rule (1B) which required every company covered under section 135(1) of the Companies Act, 20133 Section 135(1) of the Companies Act, 2013 requires companies having net worth of INR500 crore or more, turnover of INR1,000 crore or more or a net profit of INR5 crore or more during the immediately preceding F.Y. to comply with the CSR provisions to furnish a report on Corporate Social Responsibility in Form CSR-2 to the Registrar for the preceding Financial Year (F.Y. 2020-2021) and onwards, as an addendum to Form AOC-4 or AOC-4 XBRL or AOC-4 NBFC (Ind AS), as the case may be. The provisos to Rule 12(1B) specify the timelines for filing of Form CSR-2 for each F.Y.

In this regard, recently, MCA issued the Companies (Accounts) Second Amendment Rules, 2023, thereby inserting a third proviso to Rule 12(1B) of the Accounts Rules. It states that for F.Y. 2022- 23, Form CSR-2 must be filed on or before 31 March 2024 after filing Form AOC-4, AOC-4-NBFC (Ind AS) or AOC-4 XBRL, as the case may be.

The amendment comes into force from the date of publication in the Official Gazette (i.e., 31 May 2023).

To access the text of the notification, please click here

Action Points for Auditors

Auditors should engage with the companies covered under the provision of Section 135(1) of the Companies Act, 2013 and update them regarding the reporting timelines.

MCA, vide a circular dated 21 June 2023 has provided an extension for filing Form DPT-3 (Return of Deposits) by one month. Keeping in view the transition of MCA-21 portal, it was decided to allow the companies to file Form DPT-3 for the F.Y. ended 31 March 2023, without paying additional fees up to 31 July 2023 original due date was 30 June 2023).

To access the text of the circular, please click here

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