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Accounting Policies of Arnav Corporation Ltd. Company

Mar 31, 2015

(A) The Company generally follows mercantile method of accounting except the following which are accounted on cash basis.

i) Gratuity and incentives to employees.

ii) Income from investment.

iii) Claims and interest due on overdue bills.

(B) Stock Valuation :- The Stock has been valued at cost or market value whichever is less as valued and certified by the Director.

(C) The Company has calculated the Depreciation for the F.Y. 2014-2015 by taking the written Down Value as on 01/04/2014 and writing it off over its Useful Life, Which is considered to be 5 years.

Income Tax :-

(A) Income tax is accounted for in accordance with Accounting Standard 22 on Accounting for taxes on Income. Taxes comprise both current and deferred tax.

(B) Current tax is measured at amount expected to be paid to the taxation authorities, using the applicable tax rates and tax laws.

(C) The tax effect of the timing difference that result between taxable income and accounting income and are capable of reversal in one or more subsequent periods are recorded as a deferred tax assets or liability.

(D) They are measured using the substantively enacted rates and tax regulations.


Mar 31, 2014

(A) The Company generally follows mercantile method of accounting except the following which are accounted on cash basis. i) Gratuity and incentives to employees. ii) Income from investment. iii) Claims and interest due on overdue bills.

(B) Stock Valuation :- The Stock has been valued at cost or market value whichever is less as valued and certified by the Director.

(C) Depreciation on fixed assets has been provided on straight line method as per schedule XIV of the Companies Act, 1956, on Single Shift Basis.

(D) Income taxes are accounted for in accordance with Accounting Standard 22 on Accounting for taxes on Income. Taxes comprise both current and deferred tax.

(E) Current tax is measured at amount expected to be paid to the taxation authorities, using the applicable tax rates and tax laws.

(F) The tax effect of the timing difference that result between taxable income and accounting income and are capable of reversal in one or more subsequent periods are recorded as a Deferred tax assets orliability.

(G)They are measured using the substantively enacted rates and tax regulations.


Mar 31, 2013

(A) The Company generally follows mercantile method of accounting except the following which are accounted on cash basis.

i) Gratuity and incentives to employees

ii) Income from investment

iii) Claims and interest due on overdue bills.

(B) Stock Valuation :- The Stock has been valued at cost or market value whichever is less as valued and certified by the director.

(C) Depreciation on fixed assets have been provided on straight line method as per schedule XIV of the Companies Act, 1956, on Single Shift Basis.


Mar 31, 2012

(A) The Company generally follows mercantile method of accounting except the following which are accounted on cash basis.

i) Gratuity and incentives to employees

ii) Income from investment

Hi) Claims and interest due on overdue bills.

(B) Stock Valuation :-

The Stock has been valued at cost or market value whichever is less as valued and certified by the director.

(C) Depreciation on fixed assets have been provided on straight line method as per schedule XIV of the Companies Act, 1956, on Single Shift Basis.

D) Income Tax :-

(A) Income tax are accounted for in accordance with Accounting Standard 22 on Accounting for taxes on Income. Taxes comprise both current and deferred tax.

(B) Current tax is measured at amount expected to be paid to the taxation authorities, using the applicable tax rates and tax laws.

(c) The tax effect of the timing difference that result between taxable income and accounting income and are capable of reversal in one or more subsequent periods are recorded as a Deferred tax assets or liability.

(D) They are measured using the substantively enacted rates and tax regulations.


Mar 31, 2010

1 Estimated amount of the capital commitment Rs. Nil (Rs. Nil)

2 Significant Accounting Policies :-

a) The Company generally follows mercantile method of accounting except the following which are accounted on cash basis.

i) Gratuity and incentives to employees

ii) Income from investment

iii) Claims and interest due on overdue bills.

b) Stock Valuation:-

The Stock has been valued at Cost or Market value whichever is less as valued and certified by the director.

c) Investments:-

The Investment are valued at cost price.

d) Depreciation on fixed Assets have been provided on straight line method on single shift basis as per the rates provided in Schedule XIV of the Companies Act, 1956.

 
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