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WEBINAR ON COVID & CSR RELATED EXPENSES – ISSUES ON ALLOWABILITY AND TAXABILITY FOR TAXPAYERS (JOINTLY WITH IMC, BCCI & BCAS)

October 22, 2021 @ 3:00 pm - 6:30 pm

The Chamber of Tax Consultants jointly with IMC Chamber of Commerce and Industry, Bombay Chamber of Commerce and Industry, and Bombay Chartered Accountants’ Society is organizing a webinar on “COVID & CSR related expenses – issues on allowability and taxability for taxpayers” to be held on Friday, October 22, 2021 from 3.00 p.m. to 6.30 p.m.

Corporate Social Responsibility (CSR) is also often referred to as company’s responsibility and its action on environmental, ethical, social and economic issues. CSR is not something new to India, and the concept of trusteeship advocated by Mahatma Gandhi, the father of the Nation, was embraced by many companies, in various forms over the years.

Paradigm shift was brought about in the dynamics of CSR in India vide the Companies Act, 2013. The 2013 Act mandated certain class of companies to spend 2% of their average net profits of the past three years on CSR activities as enumerated in the Seventh Schedule. The said shift from the voluntary to mandatory regime is marked by corporation’s choice to strict compliance.

The Indian Companies and Corporate organisations and Citizens have relentlessly helped the Nation at large in overcoming the COVID Pandemic which had brought the world to stand still and have undertaken lot of CSR activities for employees and community at large in recent time. But questions loom over allowability of amount spent on CSR and Covid relief as an expense / deduction under the Income-Tax Act.

This webinar has been organised to understand the intricacies of amendments made to CSR Act, Companies Act and Income-tax Act, in relation to CSR and Covid related expenses incurred by the organisations at large, which will give more clarity on the issues arising on account of interpretation of the provisions.

The details of the webinar are as follows-

Topics  Speaker
Contribution to CSR Trust, amendment made in CSR Act and coverage under Companies Act and allowability of same under section 37(1) and claim for deduction under section 80G of Income tax Act
 
Address by –
Mr Rajiv Chugh, Partner, EY India

Mr Sampath Rajagopalan,
Partner, EY India

Followed by Panel discussion:
Moderator: Mr Rajiv Chugh

Panelists:
Mr Anil Mehta, Vice President Corporate Taxation
Larsen & Toubro Limited
(subject to confirmation)

Mr Hemant Kadel, Senior President,
Grasim Industries Ltd

Mr Sampath Rajagopalan,
Partner, EY India

Covid related expenses incurred by companies and organisation, allowability of same under section 37(1), implications of Sec 40A(9) and taxability of amount received by employees and their family members, taxability in hands of intermediaries facilitating covid relief,etc. Key issues like

  • Whether benefits received are taxable as salary income? If yes, whether employer has corresponding salary withholding obligation u/s. 192?
  • Whether the benefits are taxable as Income from other sources? If yes, whether employer or other person has withholding obligation?
  • Whether the benefits can be claimed as not liable to tax at all?
  • Corresponding tax issues in the hands of employer and intermediary.
Address by :
Mr Nandkishor Hegde
Partner Deloittee

Followed by
Panel discussion:


Moderator:
Mr Nandkishor Hegde

Panelists:
Mr Ramesh Khaitan, Senior. Vice President,
Lupin Limited

Mr Vijay Pandya, General Manager -Finance,
Tata Consultancy Services
 

In view of the importance of the topic and its overall impact on taxpayers, we hope you would surely like to attend this webinar and get more clarifications on CSR provisions.

Date & Day  : Friday, 22nd October, 2021
Time : 3.00 pm to 6.30 pm
Topic : COVID & CSR related expenses – Issues on allowability and taxability for taxpayers
Registration Link : https://bit.ly/3FDjqnk 

You may send your queries related only to the above provisions, at [email protected], so that same can be taken up in panel discussion.

Looking forward to your active participation.

Details

Date:
October 22, 2021
Time:
3:00 pm - 6:30 pm