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Accounting Policies of Kartik Investment Trust Ltd. Company

Mar 31, 2014

A) Basis of preparation of Financial Statements

The Financial Statements have been prepared to comply in all material aspects with applicable accounting principles in India, the Accounting Standards issued by the Institute of Charterec Accountants of India and the relevant provisions of the Companies Act, 1956.

b) Basis of Accounting

The financial statements have been prepared under the historical cost convention under accrua '' basis of accounting.

c) Use of Estimates

The presentation of financial statements is in conformity with the generally accepted accounting principles, which requires estimates, and assumptions to be made that affect the reported amoun of assets and liabilities on the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Difference between the actual results and estimates are recognised in the period in which the results are known / materialised.

d) Revenue Recognition

Accrual basis of accounting has been adopted for both revenue and costs.

e) Investments

Investments are valued at cost and income arising there from is accounted on accrual basis Diminution in the value of investments is recognised only if such diminution is consider permanent.

f) Taxes on Income

Current tax is determined on income for the year chargeable to tax under the provisions of the Income Tax Act, 1961. Deferred Tax is recognised for all timing differences. Deferred tax asset are recognised subject to consideration of prudence.

g) Provisions

Provisions are recognised only where there is a present obligation as a result of past events and when a reliable estimate of the amount of obligation can be made.


Mar 31, 2013

A) Basis of preparation of Financial Statements

The Financial Statements have been prepared to comply in all material aspects with applicable accounting principles in India, the Accounting Standards issued by the Institute of Chartered Accountants of India and the relevant provisions of the Companies Act, 1956.

b) Basis of Accounting

The financial statements have been prepared under the historical cost convention under accrual basis of accounting.

c) Use of Estimates

The presentation of financial statements is in conformity with the generally accepted accounting principles, which requires estimates, and assumptions to be made that affect the reported amount of assets and liabilities on the date of the financial statements and the reported amount of revenues and expenses during the reporting period, Difference between the actual results and estimates are recognised in the period in which the results are known / materialised.

d) Revenue Recognition

Accrual basis of accounting has been adopted for both revenue and costs.

e) Investments

Investments are valued at cost and income arising there from is accounted on accrual basis. Diminution in the value of investments is recognised only if such diminution is considered permanent.

f) Taxes on Income

Current tax is determined on income for the year chargeable to tax under the provisions of the Income Tax Act, 1961, Deferred Tax is recognised for all timing differences. Deferred tax assets are recognised subject to consideration of prudence,

g) Provisions

Provisions are recognised only where there is a present obligation as a result of past events and when a reliable estimate of the amount of obligation can be made.


Mar 31, 2012

A) Basis of preparation of Financial Statements

The Financial Statements have been prepared to comply in all material aspects with applicable accounting principles in India, the Accounting Standards issued by the Institute of Chartered Accountants of India and the relevant provisions of the Companies Act, 1956.

b) Basis of Accounting

The financial statements have been prepared under the historical cost convention under accrual basis of accounting.

c) Use of Estimates

The presentation of financial statements is in conformity with the generally accepted accounting principles, which requires estimates, and assumptions to be made that affect the reported amount of assets and liabilities on the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Difference between the actual results and estimates are recognised in the period in which the results are known/materialised.

d) Revenue Recognition

Accrual basis of accounting has been adopted for both revenue and costs.

e) Investments

Investments are valued at cost and income arising there from is accounted on accrual basis. Diminution in the value of investments is recognised only if such diminution is considered permanent.

f) Taxes on Income

Current tax is determined on income for the year chargeable to tax under the provisions of the Income Tax Act, 1961. Deferred Tax is recognised for all timing differences. Deferred tax assets are recognised subject to consideration of prudence.


Mar 31, 2010

A.1 BASIS OF ACCOUNTING

The accounts of the Company have been prepared on a Going Concern Basis.

b) REVENUE RECOGNITION

Accual basis of accounting has been adopted for both revenue and costs.

C) INVESTMENTS

Investments are valued at cost and income arising there from is accounted on accrual basis. The diminution the market value of such investments has been provided for wherever such diminutionis considered permanent.

 
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