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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