Respected Sir/Madam,
I am CA Kunal Kumar Jha (Membership No. 516948), and I am seeking clarification regarding the applicability of the Guidance Note on Financial Statements of Non-Corporate Entities issued by the Institute.
My specific query is whether the above-mentioned Guidance Note is applicable in the following cases:
1. Educational institutions such as schools and colleges that are run under a registered trust /Society and whose income is exempt under the Income Tax Act, 1961.
2. NGOs operating under a registered trust /Society, where the main source of income is grants received from funding agencies (including FCRA grants), and such grants are utilized in accordance with the specific directions of the respective funding agencies.
I request you to kindly guide us on whether the Guidance Note is applicable to the entities mentioned above.
Thanking you,

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WE HAVE PROVIDED FREE TOUR BENEFIT TO OUR ESTEED CUSTOMERS IN THE LAST FY. AS PER SECTION 194 R OF INCOME TAX ACT, TDS U/S 194R REQUIRED TO BE DEDUCTED ON THE BENEFIT PROVIDED. I HAVE POST THE TDS ENTRY IN THE RESPECTIVE CUSTOME ACCOUNT. BUT HOW I WILL SHOW THE BENFIT ENTRY IN THE CUSTOMER ACCOUNT. AS ITS IS FREE PERQUISITE

Our company is a laboratory Private company and we have opened a new branch at jaipur on Rental (Building on Rental basis) and we have made Laboratory Lab on our own cost around to Rs.30 Lac & above.
Please suggest shall we book under Repair & Maintenance as the building is on rental basis
or
we should book lab under Fixed Assets..

My question is ..
Can old ginning machinery sell as scrap and if we sell ginning machinery as scrap then what goods name and hsn should we mention in our tax invoice ?

whether provision are made for Provision for taxation, Deffered Tax Assets and Deffered Tax Liability while finalisation of Trial Balance on 31st March.

A project is going on in remote area where DG set is there to supply electricity and generator also.
There is a daily consumption of diesel for Rs.10,000/- per day.
In books of accounts under which head the expense of diesel will be booked?

The employees (both existing and retired) of the entity choose their respective medical insurance plans and pay the relevant annual premiums. They then send their payment receipts to the entity which reimburses the same to them.

While scrutinizing the insurance papers, it is found that the terms of plans of many employees may fall beyond the last day of the financial year viz. 31 March, 2026 (say the plan is from July, 2025 till July, 2026) while the reimbursements are made in July 2025 itself on production of evidences of payments made by the employees.

Query :
In such cases, while accounting for the reimbursement payments for a particular financial year, is it necessary to segregate between prepaid and current year's expenses in the books based on the plan period even though these are one time reimbursement payments made within the financial year 2025-26?

Thank you and best regards

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