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Accounting Policies of Mahavir Impex Ltd. Company

Mar 31, 2013

1. System of Accounting

a. Financial statements are based on historical cost.

b. The Company follows the mercantile system of accounting and recognises income and expenditure on accrual basis except in case of significant uncertainties.

2. FIXED ASSETS AND DEPRECIATION

a. Fixed Assets are stated at cost less depreciation. Cost includes all identifiable expenditure incurred to bring the assets to its present condition and location.

b. Depreciation has been provided in the books of accounts on Written Down Value Method as specified in Schedule XIV of the Companies Act, 1956.

3. INVENTORIES: The Company does not have inventories.

4. INCOME TAXES:

Current Tax: Provision for Income-Tax is determined in accordance with the provisions of Income-tax Act 1961.

Deferred Tax Provision: Deferred tax is recognized, on timing difference, being the difference between the taxable incomes and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.


Mar 31, 2012

1. System of Accounting

a. Financial statements are based on historical cost.

b. The Company follows the mercantile system of accounting and recognizes income and expenditure on accrual basis except in case of significant uncertainties.

2. FIXED ASSETS AND DEPRECIATION

a. Fixed Assets are stated at cost less depreciation. Cost includes all identifiable expenditure incurred to bring the assets to its present condition and location.

b. Depreciation has been provided in the books of accounts on Written Down Value Method as specified in Schedule XIV of the Companies Act, 1956.

3. INVENTORIES: The Company does not have inventories.

4. INCOME TAXES:

Current Tax: Provision for Income Tax is determined in accordance with the provisions of Income tax Act 1961.

Deferred Tax Provision: Deferred tax is recognized, on timing difference, being the difference between the taxable incomes and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.


Mar 31, 2011

1 (a) System of Accounting

i) Financial statements are based on historical cost.

ii) The Company follows the mercantile system of accounting and recognizes income and expenditure on accrual basis except in case of significant uncertainties.

(A) Fixed Assets and Depreciation

i) Fixed Assets

Fixed Assets are stated at cost less depreciation. Cost includes all identifiable expenditure incurred to bring the assets to its present condition and location.

ii) Depreciation

Depreciation has been provided in the books of accounts on Written down Value Method as specified in Schedule XIV of the Companies Act, 1956.

(B) Taxation

Current Tax: Provision for Income-Tax is determined in accordance with the provisions of Income-tax Act 1961.

Deferred Tax Provision: Deferred tax is recognized, on timing difference, being the difference between the taxable incomes and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

(C) Inventories

The Company does not have inventories.


Mar 31, 2010

1. A.System of Accounting

i. Financial statements are based on historical cost.

ii. The Company follows the mercantile system of accounting and recognizes income and expenditure on accrual basis except in case of significant uncertainties.

B. Fixed Assets and Depreciation

i. Fixed Assets

Fixed Assets are stated at cost less depreciation. Cost includes all identifiable expenditure incurred to bring the assets to its present condition and location.

ii. Depreciation

Depreciation has been provided in the books of accounts on Written Down Value Method as specified in Schedule XTV of the Companies Act, 1956.

C. Taxation

i. Current Tax : Provision for Income-Tax is determined in accordance with the provisions of Income-tax Act 1961.

ii. Deferred Tax Provision : Deferred tax is recognized, on timing difference, being the difference between the taxable incomes and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

D. Inventories

The Company does not have inventories.

 
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