Page 203 - Annual Report 2019-20

e) Employee benefit plans
Contributory Provident Fund (CPF) and National Pension Scheme (NPS) are the defined contribution schemes followed by the Vigyan Prasar (Society). The contribution to these schemes are charged to Income and Expenditure Account of the year in which contribution to such schemes becomes due.
(f) Revenue recognition of interest and other receipts and treatment of expenditure
Expenditure on revenue account is first set off against grant received. Interest, in terms of mandate of grant received from Department of Science and Technology, is treated as refundable and accordingly accounted as a current liability.
Notes to accounts
(1) Currents Assets, Loans and Advances
In the opinion of the Governing Body’s, the Current Assets, Loan and Advances are reflected in the balance sheet at amounts for which value is to be received
(2) Taxation
The society is registered under section 12A (a) of the Income Tax Act, 1961. In view of there being no taxable income under Income Tax act 1961, no provision for Income Tax has been made in the Books of Account.
(3) Earmarked/Endowment Funds (Schedule 2)
Earmarked/Endowment fund represents funds received from various organizations for execution of projects on their behalf.
(4) Comparison to Previous Year
Previous year figures have been regrouped and the rearranged wherever necessary to make them comparable.
For Manish Khanna & Co. Chartered Accountants FRN ICAI : 008584C
sd/-
Manish Khanna, FCA, DISA (ICAI) Partner
Place: Noida
Dated: 29th October 2020
sd/-
Inderjit Singh
Accounts Officer & Registrar (In Charge)
sd/-
Dr Nakul Parashar
VIGYAN PRASAR ANNUAL REPORT 2019-2020
Director
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