WISBIZLEGAL

  The Government of India with an intention to boost the economy, generating employment opportunities and to encourage innovations, research and development has brought about various schemes for the benefit of Start-ups. Most of the schemes brought in by the Government are sector specific aiming to increase and motivate start-ups in such sectors for playing greater role in the economy. Further, the Government vide Notification dated 19 th February 2019 has recognised “Start-Ups” as a special category for availing various benefits under Income Tax Act 1961, Labour Laws, FEM (External Commercial Borrowing) Regulations and Patent Registration Act 1970. Start-up In terms of Section 1 of Notification G.S.R. 127(E) dated 19 th February 2019, an entity to be recognized as a “start-up”, it must fulfill the following criteria: Ø   Entity must either be a private limited company or a limited liability partnership or a registered partnership firm. Ø   The age of such entity must be le

  Changes brought in Corporate Social Responsibility subsequent to Companies Amendment Act 2020 and Companies (Corporate Social Responsibility) Rules 2021.   Corporate Social Responsibility (CSR) is a responsibility imposed on companies to integrate the environmental and societal needs along with the business needs. CSR is a mandatory obligation imposed on the corporate to ensure a sustainable business is carried on in the best interest of all stakeholders i.e, the Company itself, its shareholders and the society at large. India is the first country to impose statutory obligation on the companies to undertake CSR activities and has also provided a broad framework for companies by identifying activities which are considered as fit for “CSR Activities” and has laid down rules for its implementation. Sec 135 of the Companies Act 2013 read with Companies (Corporate Social Responsibility) Rules, 2014 ( 2014 Rules ) came into effect from 1 st April 2014. Sec 135 of the Act mandated th