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Q. > Please Help: CSR AND REGISTERATION OF CHARGE
1.First query is related with sub section 3 of section 198 of companies act 2013 which says that credit shall not be given for the following at the time of computation of net profit. We have doubt related with point no .C which is as mentioned below:-( we need clarification as we have to calculate net profit for the purpose of computing CSR expenditure)
"(c) profits of a capital nature including profits from the sale of the undertaking
or any of the undertakings of the company or of any part thereof;"
Does this point cover profit from sale of shares or mutual funds? as in our case we are private limited company and we have other incomes as well in our profit and loss account which includes profit from sale of shares and mutual fund.Can these be covered with capital nature transaction? Please clarify.
2.Second query is that we have purchased car in the name of company and have financed the same from the bank .Is there any requirement to register the charge with ROC for creation of charge? Basically we would like to know is it necessary for private limited company to register the charge of motor vehicle with ROC.
Experts Panelist
Comments
YUGENDRA NAGPURE
12-Jan-2019 , 05:26:34 pmAnswer of:- Query1: Net Profit for CSR contribution as per Section 198 of Companies Act, 2013 does not includes Profit on sale of Shares & MF. Query2: Principle rule of Creation of Charge is that “Charge will be creating on the Assets of the Companyâ€, Assets as defined in Schedule III of the CA-2013.Hence co is required to register the charge of motor vehicle with roc.