The disclosure as required by Accounting Standard AS-19 “Leases” is not given in respect of the Mumbai Office as the lease agreement had expired on 15th April, 2001.  The same has not been renewed till date. The Council received notice from the Lessor dated 21st October, 2005 to vacate the premises. 

Accounting Standard (AS) 22-“Accounting for Taxes on Income” applicable to the Council for the accounting periods commencing on or after 1st April, 2002 has not been applied in accounting for taxes on income. The Council is of the opinion that there is no deferred tax liability in view of :

The Council being registered under Section 25 of the Companies Act, 1956. It is also registered under section 12AA of the Income-tax Act, 1961 as a Charitable Institution and its income is exempt under section 11 of the Income-tax Act, 1961.

Its income which has been accumulated under Section 11 of the Income-tax Act, 1961 from year to year to specific reserves shall be applied for the purposes for which it has been set aside, that is, for the objects of the Council.

In the event of non-utilisation of the amount accumulated under section 11 of the Income tax Act, 1961, the same would be offered to tax in the year of such non-utilisation as the tax liability will arise only in that year.

Prior Period Expenses Rs.980 are towards Meeting Expenses. (Previous year Rs.84,124)