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Accounting Policies of GCV Services Ltd. Company

Mar 31, 2010

A) Accounting Conventions

These accounts are prepared under historical cost convention and accrual basis and are in conformity with mandatory accounting standards and relevant provisions of the Companies Act, 1956.

b) Fixed Assets:

Fixed Assets are recorded at cost of acquisition less depreciation

c) Depreciation:

Depreciation on Fixed Assets is provided on Straight Line Method at the rates specified in Schedule XVI of the Companies Act, 1956

d) Investments:

Investments are classified in to Current and long term. Long term investment are stated at cost less provision, if any, for decline other than temporary in their value.

e) Income from operations:

Income from operations are recognized one proving service and sale of share are recognized on entering in to contract.

f) Retirement benefits:

As provisions of Provident Fund Act and Employees State Insurance scheme are not applicable to Company no accounting policy decided. There is no scheme for leave encashment to employee.

g) The company provide for Income tax on estimated taxable income and based on expected out come of assessment appeals, in accordance with the provisions of Income Tax Act, 1961 and rules framed there under. Consequent to the issuance of the Accounting Standard 22 - "Accounting for Taxes on Income" by Institute of chartered Accountants of India which states that deferred tax should be recognized based on timing differences between the accounting income and estimated income for the year and quantify the same using the tax rates and law enacted or substantively enacted as at the balance sheet date. As in the opinion of management there is no virtual certainty, deferred tax assets are not recognized and carried forward.

Oct 21, 12:00 am
Oct 21, 4:14 pm
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