Mar 31, 2016
Note: 1 Notes forming part of the financial statements
A.) Statement of significant accounting policies:
1. Method of Accounting: The Financial statements are prepared as a going concern under historical cost convention on an accrual basis except those with significant uncertainty and in accordance with the companies Act, 1956. Accounting policies not stated explicitly otherwise are consistent with generally accepted.
2. Revenue Recognition: Sales includes revenue generated from sale of Software. Hardware Products, sale of scrap, sales of outsource products, sales tax and service income from membership & subscription of domain and space booking.
3. Fixed Assets: Fixed Assets are stated at cost (inclusive of leased assets) less accumulated Depreciation. Expenditure included on improvement or replacement, which in the opinion of the management is likely to substantially increase the life of assets and future benefits from it. is capitalized.
4. Depreciation: Depreciation is charged on Straight Line basis at rates specified in Schedule 11 of the Companies Act, 2013. Depreciation on addition / Deletion or Discarded Fixed Assets during the year is charged on monthly pro rata basis.
5. Investment: Our Investments are Long Term investment, quoted and valued at cost.
6. Inventories: The inventories of outsourced products are valued at cost or net realizable value whichever is lower on FIFO method.
7. Retirement Benefits: Contribution to provident fund is accounted on actual liability basis. The Liabilities of gratuity and Leave Encashment as shown in the book of account are valued by the management.
8. Miscellaneous Expenditure: Preliminary and share issue expenses including fee for increase in authorized capital are written-off at the amounts as admissible under income tax Act. 1961.
9. Foreign Currency Conversion: Foreign Currency transactions are recorded at the exchange rate prevailing on the date of the transaction. Assets and Liabilities related to foreign currency transactions remaining unsettled are valued at the exchange rate in operation at the year end. The exchange difference arising on foreign currency transactions are recognized in the Profit and Loss Account.
10. Income Tax: Provision for current Income Tax is made after considering companyâs claims under the Income Tax Act; 1961.This liability is calculated at the applicable tax rate of IT Act. 1961 as the case may be.
Deferred Tax is accounted by computing the tax effect of timing differences which arrears during the year and reverse in subsequent periods.\
Note: During the Current Year there is Deferred Tax Asset, hence no provision for the same has been made during the year.
11. Impingent of Assets: An asset is treated as impaired when the carrying cost of assets exceeds its recoverable value. An impairment loss is charged to the Profit and Loss Account in the year in which an asset is identified as impaired. The impairment loss recognized in prior accounting period is reversed if there has been a change in the estimate of recoverable amount.
Mar 31, 2015
1. Method of Accounting: The Financial statements are prepared as a
going concern under historical cost convention on an accrual basis
except those with significant uncertainty and in accordance with the
companies Act, 1956. Accounting policies not stated explicitly
otherwise are consistent with generally accepted.
2. Revenue Recognition: Sales includes revenue generated from sale of
Software, Hardware
Products, sale of scrap, sales of outsource products, sales tax and
service income from membership & subscription of domain and space
booking.
3. Fixed Assents: Fixed Assets are stated at cost (inclusive of leased
assets) less accumulated Depreciation. Expenditure included on
improvement or replacement, which in the opinion of the management is
likely to substantially increase the life of assets and future
benefits from it, is capitalized.
4. Depreciation: Depreciation is charged on Straight Line basis at
rates specified in Schedule II of the Companies Act, 2013.
Depreciation on addition / Deletion or Discarded Fixed Assets during
the year is charged on monthly pro rata basis.
5. Investment: Our Investments are Long Term investment, quoted and
valued at cost.
6. Inventories: The inventories of outsourced products are valued at
cost or net realizable value whichever is lower on FIFO method.
7. Retirement Benefits: Contribution to provident fund is accounted on
actual liability basis. The Liabilities of gratuity and Leave
Encashment as shown in the book of account are valued by the
management.
8. Miscellaneous Expenditure: Preliminary and share issue expenses
including fee for increase in authorized capital are written-off at
the amounts as admissible under income tax Act, 1961.
9. Foreign Currency Conversion: Foreign Currency transactions are
recorded at the exchange rate prevailing on the date of the
transaction. Assets and Liabilities related to foreign currency
transactions remaining unsettled are valued at the exchange rate in
operation at the year end. The exchange difference arising on foreign
currency transactions are recognized in the Profit and Loss Account.
10. Income Tax: Provision for current Income Tax is made after
considering company's claims under the Income Tax Act; 1961.This
liability is calculated at the applicable tax rate IT Act, 1961 as the
case may be.
Deferred Tax is accounted by computing the tax effect of timing
differences which arrears during the year and reverse in subsequent
periods.
Mar 31, 2014
1. Method of Accounting: The Financial statements are prepared as a
going concern under historical cost convention on an accrual basis
except those with significant uncertainty and in accordance with the
companies Act, 1956. Accounting policies not stated explicitly
otherwise are consistent with generally accepted.
2. Revenue Recognition: Sales includes revenue generated from sale of
Software, Hardware Products, sale of scrap, sales of outsource
products, sales tax and service income from membership & subscription
of domain and space booking.
3. Fixed Assents: Fixed Assets are stated at cost (inclusive of leased
assets) less accumulated Depreciation. Expenditure included on
improvement or replacement, which in the opinion of the management is
likely to substantially increase the life of assets and future benefits
from it, is capitalized.
4. Depreciation: Depreciation is charged on Straight Line basis at
rates specified in Schedule XIV of the Companies Act, 1956.
Depreciation on addition / Deletion or Discarded Fixed Assets during
the year is charged on monthly pro rata basis.
5. Investment: Our Investments are Long Term investment, quoted and
valued at cost.
6. Inventories: The inventories of outsourced products are valued at
cost or net realizable value whichever is lower on FIFO method.
7. Retirement Benefits: Contribution to provident fund is accounted on
actual liability basis. The Liabilities of gratuity and Leave
Encashment as shown in the book of account are valued by the
management.
8. Miscellaneous Expenditure: Preliminary and share issue expenses
including fee for increase in authorized capital are written-off at the
amounts as admissible under income tax Act, 1961.
9. Foreign Currency Conversion: Foreign Currency transactions are
recorded at the exchange rate prevailing on the date of the
transaction. Assets and Liabilities related to foreign currency
transactions remaining unsettled are valued at the exchange rate in
operation at the year end. The exchange difference arising on foreign
currency transactions are recognized in the Profit and Loss Account.
10. Income Tax: Provision for current Income Tax is made after
considering company''s claims under the Income Tax Act; 1961.This
liability is calculated at the applicable tax rate on MAT u/s 115JB of
the IT Act, 1961 as the case may be.
Deferred Tax is accounted by computing the tax effect of timing
differences which arrears during the year and reverse in subsequent
periods.
11. Impairment of Assets: An asset is treated as impaired when the
carrying cost of assets exceeds its recoverable value. An impairment
loss is charged to the Profit and Loss Account in the year in which an
asset is identified as impaired. The impairment loss recognized in
prior accounting period is reversed if there has been a change in the
estimate of recoverable amount.
Mar 31, 2013
1. Method of Accounting: The Financial statements are prepared as a
going concern under historical cost convention on an accrual basis
except those with significant uncertainty and in accordance with the
companies Act, 1956. Accounting policies not stated explicitly
otherwise are consistent with generally accepted.
2. Revenue Recognition: Sales includes revenue generated from sale of
Software, Hardware Products, sale of scrap, sales of outsource
products, sales tax and service income from membership & subscription
of domain and space booking.
3. Fixed Assents: Fixed Assets are stated at cost (inclusive of leased
assets) less accumulated Depreciation. Expenditure included on
improvement or replacement, which in the opinion of the management is
likely to substantially increase the life of assets and future benefits
from it, is capitalized.
4. Depreciation: Depreciation is charged on Straight Line basis at
rates specified in Schedule XIV of the Companies Act, 1956.
Depreciation on addition / Deletion or Discarded Fixed Assets during
the year is charged on monthly pro rata basis.
5. Investment: Our Investments are Long Term investment, quoted and
valued at cost.
6. Inventories: The inventories of outsourced products are valued at
cost or net realizable value whichever is lower on FIFO method.
7. Retirement Benefits: Contribution to provident fund is accounted on
actual liability basis. The Liabilities of gratuity and Leave
Encashment as shown in the book of account are valued by the
management.
8. Miscellaneous Expenditure: Preliminary and share issue expenses
including fee for increase in authorized capital are written-off at the
amounts as admissible under income tax Act, 1961.
9. Foreign Currency Conversion: Foreign Currency transactions are
recorded at the exchange rate prevailing on the date of the
transaction. Assets and Liabilities related to foreign currency
transactions remaining unsettled are valued at the exchange rate in
operation at the year end. The exchange difference arising on foreign
currency transactions are recognized in the Profit and Loss Account.
10. Income Tax: Provision for current Income Tax is made after
considering company''s claims under the Income Tax Act; 1961. This
liability is calculated at the applicable tax rate on MAT u/s 115JB of
the IT Act, 1961 as the case may be.
Deferred Tax is accounted by computing the tax effect of timing
differences which arrears during the year and reverse in subsequent
periods.
11. Impairment of Assets: An asset is treated as impaired when the
carrying cost of assets exceeds its recoverable value. An impairment
loss is charged to the Profit and Loss Account in the year in which an
asset is identified as impaired. The impairment loss recognized in
prior accounting period is reversed if there has been a change in the
estimate of recoverable amount.
Mar 31, 2012
1. Method of Accounting:
The Financial statements are prepared as a going concern under
historical cost convention on an accrual basis except those with
significant uncertainty and in accordance with the companies Act, 1956.
Accounting policies not stated explicitly otherwise are consistent with
generally accepted.
2. Revenue Recognition:
Sales includes revenue generated from sale of Software, Hardware
Products, sale of scrap, sales of outsource products, sales tax and
service income from membership & subscription of domain and space
booking.
3. Fixed Assets:
Fixed Assets are stated at cost (inclusive of leased assets) less
accumulated Depreciation. Expenditure included on improvement or
replacement, which in the opinion of the management is likely to
substantially increase the life of assets and future benefits from it,
is capitalized.
4. Depreciation:
Depreciation is charged on Straight Line basis at rates specified in
Schedule XIV of the Companies Act, 1956. Depreciation on
addition/Deletion or Discarded Fixed Assets during the year is charged
on monthly pro rata basis.
5. Investment:
Our Investments are Long Term investment, quoted and valued at cost.
6. Inventories:
The inventories of outsourced products are valued at cost or net
realizable value whichever is lower on FIFO method.
7. Retirement Benefits:
Contribution to provident fund is accounted on actual liability basis.
The Liabilities of gratuity and Leave Encashment as shown in the book
of account are valued by the management.
8. Miscellaneous Expenditure:
Preliminary and share issue expenses including fee for increase in
authorized capital are written-off at the amounts as admissible under
income tax Act, 1961.
9. Foreign Currency Conversion:
Foreign Currency transactions are recorded at the exchange rate
prevailing on the date of the transaction. Assets and Liabilities
related to foreign currency transactions remaining unsettled are valued
at the exchange rate in operation at the year end. The exchange
difference arising on foreign currency transactions are recognized in
the Profit and Loss Account.
10. Income Tax:
Provision for current Income Tax is made after considering company's
claims under the Income Tax Act; 1961. This liability is calculated at
the applicable tax rate on MAT u/s 115JB of the IT Act, 1961 as the
case may be.
Deferred Tax is accounted by computing the tax effect of timing
differences which arrears during the year and reverse in subsequent
periods.
11. Impairment of Assets:
An asset is treated as impaired when the carrying cost of assets
exceeds its recoverable value. An impairment loss is charged to the
Profit and Loss Account in the year in which an asset is identified as
impaired. The impairment loss recognized in prior accounting period is
reversed if there has been a change in the estimate of recoverable
amount.
Mar 31, 2010
1. Method of Accounting: The Financial statements are prepared as a
going concern under historical cost convention on an accrual basis
except those with significant uncertainty and in accordance with the
companies Act, 1956. Accounting policies not stated explicitly
otherwise are consistent with generally accepted.
2. Revenue Recognition: Sales includes revenue generated from sale of
Software, Hardware Products, sale of scrap, sales of outsource
products, sales tax and service income from membership & subscription
of domain and space booking.
3. Fixed Assents: Fixed Assets are stated at cost (inclusive of leased
assets) less accumulated Depreciation. Expenditure included on
improvement or replacement, which in the opinion of the management is
likely to substantially increase the life of assets and future benefits
from it, is capitalized.
4. Depreciation: Depreciation is charged on Straight Line basis at
rates specified in Schedule XIV of the Companies Act, 1956.
Depreciation on addition/Deletion or Discarded Fixed Assets during the
year is charged on monthly pro rata basis..
5. Investment: Our Investments are Long Term investment and nature of
investments are coated shares of ltd. Company, valued at cost..
6. Inventories: The inventories of outsourced products are valued at
cost or net realizable value whichever is lower on FIFO method.
7. Retirement Benefits: Contribution to provident fund is accounted on
actual liability basis. Liabilities on gratuity and Leave Encashment
are booked on cash basis.
8. Miscellaneous Expenditure: Preliminary and share issue expenses
including fee for increase in authorized capital are written-off at the
amounts as admissible under income tax Act, 1961.
9. Foreign Currency Conversion: Foreign Currency transactions are
recorded at the exchange rate prevailing on the date of the
transaction. Assets and Liabilities related to foreign currency
transactions remaining unsettled are valued at the exchange rate in
operation at the year end. The exchange difference arising on foreign
currency transactions are recognized in the Profit and Loss Account.
10. Income Tax: Provision for current Income Tax is made after
considering company's claims under the Income Tax Act; 1961.This
liability is calculated at the applicable tax rate on MAT u/s 1 15JB of
the IT Act, 196 I as the case may be.
11. Impairment of-Assets: An asset is treated as impaired when the
carrying-cost of assets exceeds its recoverable value. An impairment
loss is charged to the Profit and Loss Account in the year in which an
asset is identified as impaired. The impairment loss recognized in
prior accounting period is reversed if there has been a change in the
estimate of recoverable amount.