Home  »  Company  »  Virtual Global Edu  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Virtual Global Education Ltd.

Mar 31, 2016

NOTES TO THE ACCOUNTS:

(1) Segment Reporting:

The company is operating in Education & Training industry. Accordingly, these financial statements are reflective of the information required by the AS-17 for Education & Training segment.

(2) Related Party Disclosures:

In compliance of AS-18 issued by the ICAI on "Related Party Disclosures" issued by the ICAI, the details pertaining to related party disclosures are as follows:

Remuneration to Director and Key Management Personnel Rs. 6409106/-

(3) Deferred Tax Liability/Assets:

(I) Provision for Deferred Tax Assets as per AS-22, issued by the Institute. Income Tax is computed in accordance with AS-22. Accounting for taxes on income issued by ICAI. Tax expenses are accrued in the same period as the revenue and expenses to which they relate.

ii. Provision for current income tax is made on the tax liability payable on taxable income after considering tax allowances, deductions and exemptions determined in accordance with the prevailing tax laws. The difference between taxable income and the net profit or loss before tax for the period as per the financial statements are identified and the tax effect of the deferred tax asset or deferred tax liability is recorded for timing differences, i.e. difference that originate in one accounting period and reverse in another. The tax effect is calculated on accumulated timing differences at the end of the accounting period based on the effective tax rates that would apply in the years in which the timing differences are expected to reverse.

(4) In the opinion of Board of Directors, the balances of Sundry Debtors and Loans & Advances are considered good and fully recoverable, although on certain loans interest has not been charged.

(5) The cost of the Computer Software, web browser and portals have been recognized as an asset on the following assumptions:

i. the future economic benefits from these assets will flow to the company; and

ii. the cost of the asset is measured reliably.

Depreciation on computer software, web browsers and portals have not been charged during the year as the same have not been used during the year for any income earning activities.

(6) Contingent Liability

Income tax demand of Rs. 60,50,564/- and penalty of Rs. 60,50,150/- for the A.Y. 1996-97 & Rs. 3,04,364/for the A.Y. 2004-2005 against which the company has filed an Appeal with ITAT, New Delhi, the Company is doing efforts for the early disposal of the case.

(I) Previous year figures have been regrouped and rearranged, wherever found necessary, to confirm to the Current year''s classification.


Mar 31, 2015

(a) Segment Reporting:

The company is operating in Education & Training industry. Accordingly, these financial statements are reflective of the information required by the AS-17 for Education & Training segment.

(b) Related Party Disclosures:

In compliance of AS-18 issued by the ICAI on "Related Party Disclosures" issued by the ICAI, the details pertaining to related party disclosures are as follows:

(c) Deferred Tax Liability/Assets:

I. Provision for Deferred Tax Assets as per AS-22, issued by the Institute. Income Tax is computed in accordance with AS-22. Accounting for taxes on income issued by ICAI. Tax expenses are accrued in the same period as the revenue and expenses to which they relate.

ii. Provision for current income tax is made on the tax liability payable on taxable income after considering tax allowances, deductions and exemptions determined in accordance with the prevailing tax laws. The difference between taxable income and the net profit or loss before tax for the period as per the financial statements are identified and the tax effect of the deferred tax asset or deferred tax liability is recorded for timing differences, i.e. difference that originate in one accounting period and reverse in another. The tax effect is calculated on accumulated timing differences at the end of the accounting period based on the effective tax rates that would apply in the years in which the timing differences are expected to reverse.

(d) In the opinion of Board of Directors, the balances of Sundry Debtors and Loans & Advances are considered good and fully recoverable, although on certain loans interest has not been charged.

The Board of Directors has confirmed that no allotment has been made of share application money shown in loans and advances as on the date of balance sheet.

(e) The cost of the Computer Software, web browser and portals have been recognized as an asset on the following assumptions:

i. The future economic benefits from these assets will flow to the company; and

ii. The cost of the asset is measured reliably.

Depreciation on computer software, web browsers and portals have not been charged during the year as the same have not been used during the year for any income earning activities.

(f) Contingent Liability

Income tax demand of Rs. 60,50,564/- and penalty of Rs. 60,50,150/- for the A.Y. 1996-97 & Rs. 3,04,364/- for the A.Y. 2004-2005 against which the company has filed an Appeal with ITAT, New Delhi, the Company is doing efforts for the early disposal of the case.

( g) Previous year figures have been regrouped and rearranged, wherever found necessary, to confirm to the Current year's classification.


Mar 31, 2014

(a) Segment Reporting:

The company is operating in Education & Training industry. Accordingly, these financial statements are reflective of the information required by the AS-17 for Education & Training segment.

(b) Related Party Disclosures:

In compliance of AS-18 issued by the ICAI on "Related Party Disclosures" issued by the ICAI, the details pertaining to related party disclosures are as follows:

Remuneration to key Management Personnel Rs. 8,27,903/-

Sr. No. Name Amount paid (in Rs.)

1. Mr. Neeraj Kaushik 2,29,570/-

2. Mr. Prakash Chand Goyal 5,98,333/-

Note: Related party relationship is as identified by the Company and relied upon by the Auditors.

(c) Deferred Tax Liability/Assets:

i. Provision for Deferred Tax Assets as per AS-22, issued by the Institute. Income Tax is computed in accordance with AS-22. Accounting for taxes on income issued by ICAI. Tax expenses are accrued in the same period as the revenue and expenses to which they relate.

ii. Provision for current income tax is made on the tax liability payable on taxable income after considering tax allowances, deductions and exemptions determined in accordance with the prevailing tax laws. The difference between taxable income and the net profit or loss before tax for the period as per the financial statements are identified and the tax effect of the deferred tax asset or deferred tax liability is recorded for timing differences, i.e. difference that originate in one accounting period and reverse in another. The tax effect is calculated on accumulated timing differences at the end of the accounting period based on the effective tax rates that would apply in the years in which the timing differences are expected to reverse.

(d) In the opinion of Board of Directors, the balances of Sundry Debtors and Loans & Advances are considered good and fully recoverable, although on certain loans interest has not been charged.

The Board of Directors has confirmed that no allotment has been made of share application money shown in loans and advances as on the date of balance sheet.

(e) The cost of the Computer Software, web browser and portals have been recognized as an asset on the following assumptions:

i. the future economic benefits from these assets will flow to the company; and

ii. the cost of the asset is measured reliably.

Depreciation on computer software, web browsers and portals have not been charged during the year as the same have not been used during the year for any income earning activities.

(f) Contingent Liability

Income tax demand of Rs. 60,50,564/- and penalty of Rs. 60,50,150/- for the A.Y. 1996-97 & Rs. 3,04,364/- for the A.Y. 2004-2005 against which the company has filed an Appeal with ITAT, New Delhi, the Company is doing efforts for the early disposal of the case.

(g) Previous year figures have been regrouped and rearranged, wherever found necessary, to confirm to the Current year''s classification.


Mar 31, 2013

(a) Segment Reporting:

The company is operating in Education & Training industry. Accordingly, these financial statements are reflective of the information required by the AS-17 for Education & Training segment.

(b) Related Party Disclosures:

In compliance of AS-18 issued by the ICAI on "Related Party Disclosures" issued by the ICAI, the details pertaining to related party disclosures are as follows:

(c) Deferred Tax Liability/Assets:

(i) Provision for Deferred Tax Assets as per AS-22, issued by the Institute. Income Tax is computed in accordance with AS-22. Accounting for taxes on income issued by ICAI. Tax expenses are accrued in the same period as the revenue and expenses to which they relate.

(ii) Provision for current income tax is made on the tax liability payable on taxable income after considering tax allowances, deductions and exemptions determined in accordance with the prevailing tax laws. The difference between taxable income and the net profit or loss before tax for the period as per the financial statements are identified and the tax effect of the deferred tax asset or deferred tax liability is recorded for timing differences, i.e. difference that originate in one accounting period and reverse in another. The tax effect is calculated on accumulated timing differences at the end of the accounting period based on the effective tax rates that would apply in the years in which the timing differences are expected to reverse.

(d) In the opinion of Board of Directors, the balances of Sundry Debtors and Loans & Advances are considered good and fully recoverable, although on certain loans interest has not been charged.

Market value of quoted investments is assumed same as in last year since the concern shares are not traded since last year.

The Board of Directors has confirmed that no allotment has been made of share application money shown in loans and advances as on the date of balance sheet.

(e) The cost of the Computer Software, web browser and portals have been recognized as an asset on the following assumptions:

(i) the future economic benefits from these assets will flow to the company; and

(ii) the cost of the asset is measured reliably.

Depreciation on computer software, web browsers and portals have not been charged during the year as the same have not been used during the year for any income earning activities.

(f) Contingent Liability

Income tax demand of Rs. 6050564/- and penalty of Rs. 6050150/- for the A.Y. 1996-97 & Rs. 304364/- for the A.Y. 2004-2005 against which the company has filed an Appeal with ITAT, New Delhi, the Company is doing efforts for the early disposal of the case.

(g) Previous year figures have been regrouped and rearranged, wherever found necessary, to confirm to the Current year''s classification.


Mar 31, 2012

NOTE 1A

Disclosure pursuant to Note no. 6(T) of Part I of Schedule VI to the Companies Act. 1956

As At 31.03.2012 As At 31.03.2011

Contingent liabilities and commitments (to the extent not provided for) Amount Amount

(i) Contingent Liabilities

(a) Claims against the company not acknowledged as debt

(b) Guarantees

(c) Other money for which the company is contingently liable - -

(ii) Commitments

(a) Estimated amount of contracts remaining to be executed on capital account and not provided for

(b) Uncalled liability on shares and other investments partly paid

(c) Other commitments (specify nature) - -

- -



(a)Segment Reporting:

The company is operating in Education & Training industry. Accordingly, these financial statements are reflective of the information required by the AS-17 for Education & Training segment.

(b) Related Party Disclosures:

In compliance of AS-18 issued by the ICAI on "Related Party Disclosures" issued by the ICAI, the details pertaining to related party disclosures are as follows:

- Key Management Personnel:

Mr. Neeraj Kaushik Managing Director

- Detail of Transactions with Related Parties:

Remuneration to key Management Personnel Rs. 2,40,000/-

Note: Related party relationship is as identified by the company and relied upon by the auditors.

(c) Deferred Tax Liabilitv/Assets:

(i) Provision for Deferred Tax Assets as per AS-22, issued by the Institute. Income Tax is computed in accordance with AS-22. Accounting for taxes on income issued by ICAI. Tax expenses are accrued in the same period as the revenue and expenses to which they relate.

(ii) Provision for current income tax is made on the tax liability payable on taxable income after considering tax allowances, deductions and exemptions determined in accordance with the prevailing tax laws. The difference between taxable income and the net profit or loss before tax for the period as per the financial statements are identified and the tax effect of the deferred tax asset or deferred tax liability is recorded for timing differences, i.e. difference that originate in one accounting period and reverse in another. The tax effect is calculated on accumulated timing differences at the end of the accounting period based on the effective tax rates that would apply in the years in which the timing differences are expected to reverse.

In the opinion of Board of Directors, the balances of Sundry Debtors and Loans & Advances are considered good and fully recoverable, although on certain loans interest has not been charged.

Market value of quoted investments is assumed same as in last year since the concern shares are not traded since last year.

The Board of Directors has confirmed that no allotment has been made of share application money shown in loans and advances as on the date of balance sheet.

(d) The cost of the Computer Software, web browser and portals have been recognized as an asset on the following assumptions:

(i) the future economic benefits from these assets will flow to the company; and

(ii) the cost of the asset is measured reliably.

Depreciation on computer software, web browsers and portals have not been charged during the year as the same have not been u$ed during the year for any income earning activities.

(e) Contingent Liability

Income tax demand of Rs. 6050564/- and penalty of Rs. 6050150/- for the A.Y. 1996-97 & Rs. 304364/- for the A.Y. 2004-2005 against which the company has filed an Appeal with CIT (Appeal), XIX, New Delhi, the company is doing efforts for the early disposal of the case.

(f) Previous year figures have been regrouped and rearranged, wherever found necessary, to conform to the Current year's classification.


Mar 31, 2011

(a) Segment Reporting:

The company is operating in Education & Training industry. Accordingly, these financial statements are reflective of the information required by the AS-17 for Education & Training segment.

(b) Related Party Disclosures:

In compliance of AS-18 issued by the ICAI on "Related Party Disclosures" issued by the ICAI, the details pertaining to related party disclosures are as follows:

(c) Deferred Tax Liability/Assets:

(i) Provision for Deferred Tax Assets as per AS-22, issued by the Institute. Income Tax is computed in accordance with AS-22. Accounting for taxes on income issued by ICAI. Tax expenses are accrued in the same period as the revenue and expenses to which they relate.

(ii) Provision for current income tax is made on the tax liability payable on taxable income after considering tax allowances, deductions and exemptions determined in accordance with the prevailing tax laws. The difference between taxable income and the net profit or loss before tax for the period as per the financial statements are identified and the tax effect of the deferred tax asset or deferred tax liability is recorded for timing differences, i.e. difference that originate in one accounting period and reverse in another. The tax effect is calculated on accumulated timing differences at the end of the accounting period based on the effective tax rates that would apply in the years in which the timing differences are expected to reverse.

(d)In the opinion of Board of Directors, the balances of Sundry Debtors and Loans & Advances are considered good and fully recoverable, although on certain loans interest has not been charged.

Market value of quoted investments is assumed same as in last year since the concern shares are not traded since last year.

The Board of Directors has confirmed that no allotment has been made of share application money shown in loans and advances as on the date of balance sheet.

(e) The cost of the Computer Software, web browser and portals have been recognized as an asset on the following assumptions:

(i) the future economic benefits from these assets will flow to the company; and

(ii) the cost of the asset is measured reliably.

Depreciation on computer software, web browsers and portals have not been charged during the year as the same have not been used during the year for any income earning activities.

(f) Contingent Liability

Income tax demand of Rs. 6,050,564/- and penalty of Rs. 6,050,150/- for the A.Y. 1996-97 against which the company has filed an Appeal with CIT (Appeal), XIX, New Delhi.

(g) Previous year figures have been regrouped and rearranged, wherever found necessary, to conform to the Current year's classification.

(h) Schedule 1 to 11 Forms an integral part of the balance sheet and profit and loss account.


Mar 31, 2010

(a) Segment Reporting:

The company is operating in Education & Training industry. Accordingly, these financial statements are reflective of the information required by the AS-17 for Education & Training segment.

(b) Related Party Disclosures:

In compliance of AS-18 issued by the ICAI on "Related Party Disclosures" issued by the ICAI, the details pertaining to related party disclosures are as follows:

(c) Deferred Tax Liability/Assets:

(i) Provision for Deferred Tax Assets as per AS-22, issued by the Institute. Income Tax is computed in accordance with AS-22. Accounting for taxes on income' issued by ICAI. Tax expenses are accrued in the same period as the revenue and expenses to which they relate.

(ii) Provision for current income tax is made on the tax liability payable on taxable income after considering tax aUowances, deductions and exemptions determined in accordance with the prevailing tax laws. The difference between taxable income and the net profit or loss before tax for the period as per the financial statements are identified and the tax effect ot the deferred tax asset or deferred tax liability is recorded for timing differences, i.e. difference that originate in one accounting period and reverse in another. The tax effect is calculated on accumulated timing differences at the end of the accounting period based on the effective tax rates that would apply in the years in which the timing differences are expected to reverse.

(d) In the opinion of Board of Directors, the balances of Sundry Debtors and Loans & Advances are considered good and fully recoverable, although on certain loans interest has not been charged.

Market value of quoted investments is assumed same as in last year since the concern shares are not traded since last year.

The Board of Directors has confirmed that no allotment has been made of share application money shown in loans and advances as on the date of balance sheet.

(e) The cost of the Computer Software, web browser and portals have been recognized as an asset on the following assumptions:

(i) the future economic benefits from these assets will flow to the company; and (ii) the cost of the asset is measured reliably.

Depreciation on computer software, web browsers and portals have not been charged during the year as the same have not been used during the year for any income earning activities.

(f) Contingent Liability

Income tax demand of Rs. 6,050,564/- and penalty of Rs. 6,050,150/- for the A.Y. 1996-97 against which the company has filed an Appeal with CIT (Appeal), XIX, New Delhi.

(g) Previous year figures have been regrouped and rearranged, wherever found necessary, to conform to the Current year's classification.

(h) Schedule 1 to 11 Forms an integral part of the balance sheet and profit and loss account.


Mar 31, 2009

(a) Segment Reporting:

The company is operating in software industry. Accordingly, these financial statements are reflective of information required by AS-17 for software segment.

(b) Related Party Disclosures:

In compliance of AS-8 issued by the ICAI on "Related Party Disclosures" the details pertaining to related party disclosures are as follows:

- Key Management Personnel:

Mr. Neeraj Kaushik Managing Director

- Detail of Transactions with Related Parties:

Remuneration to key Management Personnel 105000/-

Note: Related party relationship is as identified by the company and relied upon by the auditors.

(c) Deferred Tax Liability/Assets:

(i) Provision for Deferred Tax Assets as per AS-22, issued by the Institute. Income tax is computed in accordance with AS-22. Accounting for taxes on income' issued by ICAI. Tax expenses are accrued in the same period as the revenue and expenses to which they relate.

(ii) Provision for current income tax is made on the tax liability payable on taxable income after considering tax allowances, deductions and exemptions determined in accordance with the prevailing tax laws. The difference between taxable income and the net profit or loss before tax for the period as per the financial statements are identified and the tax effect of the deferred tax asset or deferred tax liability is recorded for timing differences, i.e. difference that originate in one accounting period and reverse in another. The tax effect is calculated on accumulated timing differences at the end of the accounting period based on the effective tax rates that would apply in the years in which the timing differences are expected to reverse.

(d) In the opinion of Board of Directors, the balances of Sundry Debtors and Loans & Advances are considered good and fully recoverable, although on certain loans interest has not been charged.

Market value of quoted investments are assumed same as in last year since the shares are not traded last year.

The Board of Directors has confirmed that no allotment has been made of share application money shown in loans and advances as on the date of balance sheet.

(e) The cost of the computer Softwares, web browser and portals have been recognised as an asset on the following assumptions:

(i) the future economic benefits from these assets will flow to the company; and

(ii) the cost of the asset is measured as actually incurred.

Depreciation on computer softwares, web browsers and portals has not been charged during the year as the same have not been used during the year.

(f) There is no contingent liability at the year end.

(g) Previous year figures have been regrouped and rearranged, wherever found necessary, to conform to the Current year's classification.

(h) Schedule 1 to 11 Forms an integral part of the balance sheet and profit and loss account.


Mar 31, 2007

(a) Segment Reporting:

i The company is operating in software industry. Accordingly, these financial statements are reflective of the information required by the AS-17 for software segment'

(b) Related Party Disclosures:

In compliance of AS-8 issued by the ICAI on "Related Party Disclosures" issued by the ICAI, the details pertaining to related party disclosures are as follows:

- Key Management Personnel:

Mr. Neeraj Kaushik Managing Director

- Detail of Transactions with Related Parties:

Remuneration to key Management Personnel NIL

Note: Related party relationship is as identified by the company and relied upon By the auditors.

(c) Deferred Tax Liability/Assets:

(i) Provision for Deferred Tax Assets as per AS-22, issued by the Institute. Income tax is computed in accordance with AS-22. Accounting for taxes on income' issued by ICAI. Tax expenses are accrued in the same period as the revenue and expenses to which xhey relate.

(ii) Provision for current income tax is made on the tax liability payable on taxable » income after considering tax allowances, deductions and exemptions determined in accordance with the prevailing tax laws. The difference between taxable income and the net profit or loss before tax for the period as per the financial statements are identified and the tax effect of the deferred tax asset or deferred tax liability is recorded for timing differences, i.e. difference that originate in one accounting period and reverse in another. The tax effect is calculated on accumulated timing differences at the end of the accounting period based on the effective tax rates, that x „. would apply in the years in which the timing differences are expected to reverse.

(d) In the opinion of Board of Directors, the balances of Sundry Debtors and Loans & Advances are considered good and fully recoverable, although on certain loans interest has not been charged.

Market value of quoted investments are assumed same as in last year since the concern shares are not traded since last year,

The Board of Directors has confirmed that no allotment has been made of share application money shown in loans and advances as on the date of balance sheet.

(e) The cost of the computer Softwares, web browser and portals have been recognised as an asset on the following assumptions:

(i) the future economic benefits from these assets will flow to the company; and

(ii) the cost of the asset is measured reliably.

* Depreciation on computer softwares, web browsers and portals have not been charged durjng the year as the same have not been used during the year for any income earning activities.

(f) There is no contingent liability at the year end.

(g) Previous year figures have been regrouped and rearranged, wherever found necessary, to conform to the Current year's classification.

(h) Schedule 1 to 11 Forms an integjaLpart of the balance sheet and profit and loss account.

Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X