| (a) BASIS OF PREPARATION
The financial statements are prepared under the historical cost
convention on an accrual basis of accounting in accordance with the
generally accepted accounting principles, Accounting Standards notified
under Section 211 (3C) of the Companies Act, 1956, (the "Act") and the
relevant provisions thereof which continue to be applicable in respect
of Section 133 of Companies Act, 2013 in terms of General Circular
15/2013 dated September 13,2013 of the Ministry of Corporate Affairs.
(b) FIXED ASSETS
Fixed Assets are recorded at cost of acquisition less depreciation and
impairment loss, if any. Direct costs are capitalized until assets are
ready to be put to use.
(c) DEPRECIATION
Depreciation on Fixed Assets is provided under written Down Method at
the rates prescribed in Schedule XIV of the Companies Act, 1956 on
pro-Rata Basis.
(d) REVENUE RECOGNITION
Revenue is recognized when there is reasonable certainty of its
ultimate realization/ collection.
i. Training Income-income is recognized on Accrual Basis.
ii. Other Income- Other Income is accounted for on accrual basis.
(e) CONTINGENT LIABILITIES
These are disclosed by way of notes on the Balance Sheet. Provisions is
made in the Accounts in respect of those liabilities which are likely
to materialize after the year end till the finalization of accounts and
material effect on the position stated in the Balance Sheet.
(f) INCOME TAX
Taxation is accounted on the basis of the "liability Method" which is
generally followed in India. Provision is made for Income Tax based on
computation after considering rebates, relief and exemption under the
Income Tax Act, 1961.
In accordance with the requirements of Accounting Standard 22
i.e."Accounting for taxes on income" issued by "The Institute of
Chartered Accountants of India", the total deferred tax
liabilities/asset as on 31.03.2013 have been recognized in the
following manner:
PARTICULARS 31-03-2014
DEPRECIATION AS PER COMPANY LAW 26768086.00
DEPRECIATION ALLOWABLE AS PER INCOME TAX ACT 29433409.00
DIFFERENCE 2665323.00
TAX RATE (32.45%) 864764.00
(g) PROVISION, CONTINGENT LIABILITIES & CONTINGENT ASSETS
Provisions involving substantial degree of estimation in measurement
are recognized when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent Liabilities are not recognized but are disclosed In the
notes. Contingent Assets are neither recognized nor disclosed in the
financial statement.
(h) SEGMENT INFORMATION
The Company is engaged in the business of recreation activities, which
constitutes a single business segment and accordingly, disclosures are
not required underAS-17, issued by "The Institute of Chartered
Accountants of India".
|