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Accounting Policies of Dynavision Ltd. Company

Mar 31, 2015

A. Basis of Preparation of Financial Statements:

The financial statements have been prepared on historical cost convention and in accordance with generally accepted accounting principles and applicable accounting standards.

B. Use of Estimates:

Estimates and assumptions made by management in the preparation of Financial Statements have a bearing on reported amounts of Financial Results, Assets & Liabilities and the disclosure of Contingent Liabilities. Actual results could differ from those estimates. Any revision to accounting estimate is recognized prospectively.

C. Fixed Assets:

Fixed Assets are stated at cost less Depreciation except Land.

D. Depreciation:

Depreciation is Provided under the Straight line Method in accordance with the rates prescribed under Schedule II of the Companies Act, 2013.

E. Employee Benefits:

Liability towards Gratuity and Leave Encashment are estimated and provided.

F. Taxes on Income:

Current Tax on Income for the Period is determined on the basis of taxable income and tax credits computed in accordance with the provisions of the Income Tax act 1961 and based on the expected outcome of assessment / appeals.

Deferred Tax resulting from "timing difference" between book and taxable profit is accounted for using the tax rates and laws that have been enacted or substantially enacted as on the Balance Sheet Date. The Deferred Tax Asset is recognised and carried forward only to the extent that there is reasonable certainty that the Assets will be realised in future.

G. Lease

Lease where the lessor effectively retains substantially all the risks and benefits of ownership of leased term are classified as operating Lease. Operating Lease Income is recognised in the statement of Profit and loss account in accordances to payment schedule detailed in the Lease deed.

H Impairment of Assets

Impairment loss, if any, is provided to the extent the carrying amount of assets exceeds their recoverable amount.

I Provisions Contingent Liabilities and Contingent Assets

Provisions are recognized when there is a present obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation and in respect of which reliable estimate can be made. Contingent Liabilities are disclosed, unless the possibility of any outflow in settlement is remote, in the notes on accounts. Contingent Assets are neither recognised nor disclosed.


Mar 31, 2014

1. (I)

Fixed Assets:

Fixed Assets are stated at cost less Depreciation except Land. Depreciation:

Depreciation is Provided under the Straight line Method in accordance with the rates prescribed under Schedule XIV of the Companies Act, 1956.

Employee Benefits:

Liability towards Gratuity and Leave Encashment are estimated and provided.

Taxes on Income:

Current Tax on Income for the Period is determined on the basis of taxable income and tax credits computed in accordance with the provisions of the Income Tax act 1961 and based on the expected outcome of assessment/appeals.

Deferred Tax resulting from "timing difference" between book and taxable profit is accounted for using the tax rates and laws that have been enacted or substantially enacted as on the Balance Sheet Date. The Deferred Tax Asset is recognised and carried forward only to the extent that there is a reasonable certainty that the Assets will be realised in future.

Lease

Lease where the lessor effectively retains substantially all the risks and benefits of ownership of leased term are classified as operating Lease. Operating Lease Income is recognised in the statement of Profit and loss account in accordances to payment schedule detailed in the Lease deed.


Mar 31, 2013

Fixed Assets:

Fixed Assets are stated at cost less Depreciation except Land.

Depreciation:

Depreciation is Provided under the Straight line Method in accordance with the rate prescribed under Schedule XIV of the Companies Act, 1956.

Employee Benefits:

Liability towards Gratuity and Leave Encashment are estimated and provided.

Taxes on Income:

Current Tax on Income for the Period is determined on the basis of taxable income and tax credits computed in accordance with the provisions of the Income Tax act 1961 and based on the expected outcome of assessment / appeals.

Deferred Tax resulting from "timing difference” between book and taxable profit is accounted for using the tax rates and laws that have been enacted or substantially enacted as on the Balance Sheet date. The Deferred Tax Asset is recognised and carried forward only to the extent that there is a reasonable certainty that the Assets will be realised in future.

Lease

Lease where the lessor effectively retains substantially all the risks and benefits of ownership of leased term are classified as operating Lease. Operating Lease Income is recognised in the statement of Profit and loss account in accordances to payment schedule detailed in the Lease deed.


Mar 31, 2012

Fixed Assets:

Fixed Assets are stated at cost less Depreciation except Land.

Depreciation:

Depreciation is Provided under the Straight line Method in accordance with the rate prescribed under Schedule XIV of the Companies Act, 1956.

Employee Benefits:

Liability towards Gratuity and Leave Encashment are estimated and provided.

Taxes on Income:

Current Tax on Income for the Period is determined on the basis of taxable income and tax credits computed in accordance with the provisions of the Income Tax act 1961 and based on the expected outcome of assessment / appeals.

Deferred Tax resulting from "timing difference' between book and taxable profit is accounted for using the tax rates and laws that have been enacted or substantially enacted as on the Balance Sheet date. The Deferred Tax Asset is recognised and carried forward only to the extent that there is a reasonable certainty that the Assets will be realised in future.


Mar 31, 2011

A. Fixed Assets: Fixed Assets are stated at cost less depreciation except Land.

B. Depreciation: Depreciation in respect of Assets purchased prior to 01.01.1984 are charged under WDV Method and in respect of Assets purchased from 01.01.1984 to 31.03.1987 under Straightline Method, at the rates prevailing at the time of acquisition. In respect of Assets purchased from 01.04.1987, depreciation is charged under Straightline Method in accordance with the rate prescribed under Schedule XIV of the Companies (Amendment) Act, 1988.

C. Provision for Retirement Benefit: Liability towards Gratuity and Leave Encashment are estimated and provided.

D. Deferred Taxation: Deferred Tax resulting from "timing difference" between book and taxable profit is accounted for using the tax rates and laws that have been enacted or substantially enacted as on the Balance Sheet date. The Deferred Tax Asset is recognised and carried forward only to the extent that there is a reasonable certainty that the Assets will be realised in future.


Mar 31, 2010

A. Fixed Assets: Fixed Assets are stated at cost less depreciation except Land.

B. Depreciation: Depreciation in respect of Assets purchased prior to 01.01.1984 are charged under WDV Method and in respect of Assets purchased from 01.01.1984 to 31.03.1987 under Straightline Method, at the rates prevailing at the time of acquisition. In respect of Assets purchased from 01.04.1987, depreciation is charged under Straightline Method in accordance with the rate prescribed under Schedule XIV of the Companies (Amendment) Act, 1988.

C. Provision for Retirement Benefit: Liability towards Gratuity and Leave Encashment are estimated and provided.

D. Deferred Taxation: Deferred Tax resulting from “timing difference” between book and taxable profit is accounted for using the tax rates and laws that have been enacted or substantially enacted as on the Balance Sheet date. The Deferred Tax Asset is recognised and carried forward only to the extent that there is a reasonable certainty that the Assets will be realised in future.

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