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Accounting Policies of Innovassynth Investments Ltd. Company

Mar 31, 2015

A. These financial statements have been prepared in accordance with generally accepted accounting principles in India under historical cost convention on accural basis. These financial statements have been prepared to comply in all materials aspects with accounting standards notified under Section 133 of the Companies Act 2013 read with Companies (Accounts) Rules 2014.

B. Revenue Recognition

Dividend on Investments is accounted when the right to receive payment is established.

C. Investments

Investments being long-term are stated at cost less diminuition, other than temporary, in the value of investments if any.

D. Taxes on Income

(a) Current Tax: Provision for Income Tax is determined in accordance with the provision of Income Tax Act, 1961.

(b) Deferred Tax Provision: Deferred Tax is recognised on timing differences between the accounting income and taxable income for the year and quantified using the tax rates and laws enacted or subsequently enacted on the Balance Sheet date. Deferred Tax Assets are recognized and carried forward against which deferred tax assets can be realised.


Mar 31, 2014

A. These financial statements have been prepared in accordance with generally accepted accounting principles in India under historical cost convention on accural basis. These financial statements have been prepared to comply in all materials aspects with accounting standards notified under Section 211(3C) [Companies (Accounting Standards) Rules, 2006, as amended] and the other relevant provision of the Companies Act, 1956.

B. Revenue Recognition : Dividend on Investments is accounted when the right to receive payment is established.

C. Investments : Investments being long-term are stated at cost less diminuition, other than temporary, in the value of investments if any.

D. Taxes on Income

(a) Current Tax: Provision for Income Tax is determined in accordance with the provision of Income Tax Act, 1961.

(b) Deferred Tax Provision : Deferred Tax is recognised on timing differences between the accounting income and taxable income for the year and quantified using the tax rates and laws enacted or subsequently enacted on the Balance Sheet date. Deferred Tax Assets are recognized and carried forward against which deferred tax assets can be realised.


Mar 31, 2012

A. The financial statements are prepared on the accrual basis of accounting and in accordance with the standard on accounting notified by the Companies (Accounting Standards) Rules, 2006 and referred to in Section 211 (3C) of the Companies Act, 1956.

B. Revenue Recognition

Dividend on Investments is accounted when the right to receive payment is established.

C. Investments

Investments being long term are stated at cost less diminution in the value of investments if any.

D. Taxes on Income

(a) Current Tax : Provision for Income Tax is determined in accordance with the provision of Income Tax Act, 1961.

(b) Deferred Tax Provision : Deferred Tax is recognised on timing differences between the accounting income and taxable income for the year and quantified using the tax rates and laws enacted or subsequently enacted on the Balance Sheet date. Deferred Tax Assets are recognised and carried forward against which deferred tax assets can be realised.


Mar 31, 2010

A. System of Accounting

The financial statements are prepared under Historical cost convention on an accrual basis.

B. Investments

Investments being long term are stated at cost less diminution in the value of investments if any.

C. Taxes on Income

(a) Current Tax : Provision for Income Tax is determined in accordance with the provision of Income Tax Act, 1961.

(b) Deferred Tax Provision : Deferred Tax is recognised on timing differences between the accounting income and the taxable income for the year and quantified using the tax rates and laws enacted or subsequently enacted on the Balance Sheet date. Deferred Tax Assets are recognised and carried forward to the extent that there is a reasonable certainty that sufficient future taxable income will be available against which deferred tax assets can be realised.


Mar 31, 2009

Investments

Investments being long term are stated at cost less diminution in the value of Investments if any.

2. Scheme of Arrangement between the Company and Futura Polyesters Limited Pursuant to the Scheme of Arrangement (the Scheme) between the Company and Futura Polyesters Limited (FPL) which was sanctioned by the Honble High Court of Judicature at Bombay, vide its Order dated 4th July, 2008 (filed with the Registrar of Companies, Maharashtra, Mumbai on 16th July, 2008), the Scheme has been given effect to in the Accounts as under :

(i) Investments have been recorded at the book value in the Company as recorded in the book of FPL,

3. Miscellaneous Expenditure has been written-off during the current year.

 
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