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Accounting Policies of New Markets Advisory Ltd. Company

Mar 31, 2014

I. BASIS OF PREPARATION OF FINANCIAL STATEMENTS:

During the year ended 31st March 2014, the revised Schedule VI notified under the Companies Act 1956, has become applicable to the company, for preparation and presentation of its financial statements. However, it has significant impact on presentation and disclosures made in the financial statements. The company has also re-classified the previous year figures in accordance with the figures of the current year.

II. BASIS OF ACCOUNTING:

The financial statements are prepared under historical cost convention, on accrual basis, in accordance with the provisions of Companies Act, 1956 and the accounting principles generally accepted in India and comply with the Accounting Standards notified by the Companies (Accounting Standards) Rules, 2006.

III. REVENUE RECOGNITION

a) Income is recognized upon invoicing shares sold and services rendered.

b) The Income from dividend and interest are stated at gross.

IV. FIXED ASSETS

Fixed Assets are stated at cost of acquisition less accumulated depreciation.

V. DEPRECIATION

The company has provided depreciation on Fixed Assets on written down value basis at the revised rates prescribed under the Income Tax Act, 1961.

VIII. TAXES ON INCOME

Income Tax expenses comprises of current tax and deferred tax (charge or credit). Provision for Income Tax is made on the basis of taxable income for the current accounting year in accordance with the provisions of the Income Tax Act, 1961. There is no deferred tax liability up to the year ended 31st March, 2014.


Mar 31, 2013

I. BASIS OF PREPARATION OF FINANCIAL STATEMENTS:

During the year ended 31st March 2013, the revised Schedule VI notified under the Companies Act 195 has become applicable to the company, for preparation and presentation of its financial statement However, it has significant impact on presentation and disclosures made in the financial statements. T company has also re-classified the previous year figures in accordance with the figures of the current ye;

II. BASIS OF ACCOUNTING :

The financial statements are prepared under historical cost convention, on accrual basis, in accordant with the provisions of Companies Act, 1956 and the accounting principles generally accepted in India a comply with the Accounting Standards notified by the Companies (Accounting Standards) Rules, 2006.

III. REVENUE RECOGNITION

a) Income is recognized upon invoicing shares sold and services rendered.

b) The Income from dividend and interest are stated at gross.

IV. FIXED ASSETS

Fixed Assets are stated at cost of acquisition less accumulated depreciation.

V. DEPRECIATION

The company has provided depreciation on Fixed Assets on written down value basis at the revised rat prescribed under the Income Tax Act, 1961.

VI. INVESTMENTS:

Investments are stated at cost. Fluctuation in value of investments is accounted on realization.

VII. PAYMENT TO AUDITORS Current Year Previous Year

Statutory Audit Fees 3,000 3,000

3,000 3,000

VIII. TAXES ON INCOME

Income Tax expenses comprises of current tax and deferred tax (charge or credit). Provision for Income Tax is made on the basis of taxable income for the current accounting year in accordance with the provisions of the Income Tax Act, 1961. There is no deferred tax liability up to the year ended 31st March, 2013.


Mar 31, 2012

I. BASIS OF PREPARATION OF FINANCIAL STATEMENTS:

During the year ended 31s March 2012, the revised Schedule VI notified under the Companies Act 1956, has become appfcabie to the company, for preparation and presentation of its financial statements. However, it has significant impact on presentation and disclosures made in the financial statements. The company has also re-classified the previous year figures in accordance with the figures of the current year.

II. BASIS OF ACCOUNTING :

The financial statements are prepared under historical cost convention, on accrual basis, in accordance with the provisions of Companies Act, 1956 and the accounting principles generally accepted in India and comply with the Accounting Standards notified by the Companies (Accounting Standards) Rules, 2006.

III. REVENUE RECOGNITION

a] Income is recognized upon invoicing shares sold and services rendered.

b) The Income from dividend and interest are stated at gross.

IV. FIXED ASSETS

Fixed Assets are stated ai cost ol acquisition less accumulated depreciation.

V. DEPRECIATION

The company has provided depreciation on Fixed Assets on written down value basis at the revised rates prescribed under the Income Tax Ad, 1961.

VI. TAXES ON INCOME

Income Tax expenses comprises of currenl tax and deferred tax (charge or credit). Provision for Income Tax is made on the basis of taxable income for the cunent accounting year in accordance with the provisions of the Income Tax Act, 1961. There is no deferred tax liability up to the year ended 31st March, 2012.


Mar 31, 2010

A) Basis of Accounting

The financial statements are prepared under historical cost convention or accrual basis.

b) Fixed Assets

Fixed Assets are stated at cost of acquisition less accumulated depreciation.

c. Depreciation

The company has provided depreciation on Fixed Assets on written down value basis at the revised rates prescribed under the Income Tax Act, 1961.

d> Investments

Investments are stated at cost Fluctuation in value of investments is accounted on realization.

e> Revenue Recognition

i) Income is recognised upon invoicing shares sold and services rendered.

ii) The Income from dividend and interest are stated at gross.

 
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