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Accounting Policies of Saianand Commercial Ltd. Company

Mar 31, 2014

The Accounts are prepared on an accrual basis except otherwise stated and under the historical cost conventions, and are in line with the relevant laws as well as the guidelines prescribed by the Department of Company affairs and the Institute of Chartered Accountants of India.

(A) SYSTEM OF ACCOUNTING: The Company has adopted the accrual basis of accounting in the Preparation of the books of accounts.

(B) REVENUE RECOGNITION: All income is accounted for on accrual basis.

(C) EXPENSES: It is Company''s policy to account of expenses on accrual basis.

(D) TAXATION: Provision for current tax is made in the accounts on the basis of estimated tax liability as per the applicable provisions of the Income Tax Act, 1961. There is no timing difference. Hence, deferred tax liability/assets have not arisen during the year.

(E) INVENTORIES: Inventories are valued at lower of cost and net realizable value.

(F) FIXED ASSETS & DEPRECIATION: Fixed assets are carried at cost of acquisition or construction including incidentals expenses related to acquisition and installation on concerned assets, less accumulated depreciation and amortizations. Depreciation on Fixed Assets is provided on WDV method at the rates prescribed in Income Tax act 1961.

(G) INVESTMENTS: Long Term Investments are stated at Cost. Provision for diminution in the value of long term investments is made only if such decline is other than temporary in the opinion of the management.

(H) RETIREMENT BENEFITS: Provision of Gratuity is not applicable to the company.


Mar 31, 2013

(A) SYSTEM OF ACCOUNTING: The Company has adopted the accrual basis of accounting in the Preparation of the books of accounts.

(B) REVENUE RECOGNITION: All income is accounted for on accrual basis.

(C) EXPENSES: It is Company''s policy to account of expenses on accrual basis.

(D) TAXATION: Provision for current tax is made in the accounts on the basis of estimated tax liability as per the applicable provisions of the Income Tax Act, 1961. There is no timing difference. Hence, deferred tax liability/assets have not arisen during the year.

(E) INVENTORIES: Inventories are valued at lower of cost and net realizable value.

(F) FIXED ASSETS & DEPRECIATION: Fixed assets are carried at cost of acquisition or construction including incidentals expenses related to acquisition and installation on concerned assets, less accumulated depreciation and amortizations. Depreciation on Fixed Assets is provided on WDV method at the rates prescribed in Income Tax act 1961.

(G) INVESTMENTS: Long Term Investments are stated at Cost. Provision for diminution in the value of long term investments is made only if such decline is other than temporary in the opinion of the management.

(H) RETIREMENT BENEFITS: Provision of Gratuity is not applicable to the company.


Mar 31, 2012

The Accounts are prepared on an accrual basis except otherwise stated and under the historical cost conventions, and are in line with the relevant laws as well as the guidelines prescribed by the Department of Company affairs and the Institute of Chartered Accountants of India.

(A) SYSTEM OF ACCOUNTING: The Company has adopted the accrual basis of accounting in the Preparation of the books of accounts.

(B) REVENUE RECOGNITION: All income is accounted for on accrual basis.

(C) EXPENSES: It is Company's policy to account of expenses on accrual basis.

(D) TAXATION: Provision for current tax is made in the accounts on the basis of estimated tax liability as per the applicable provisions of the Income Tax Act, 1961. There is no timing difference. Hence, deferred tax liability/assets have not arisen during the year.

(E) INVENTORIES: Inventories are valued at lower of cost and net realizable value.

(F) FIXED ASSETS & DEPRECIATION: Fixed assets are carried at cost of acquisition or construction including incidentals expenses related to acquisition and installation on concerned assets, less accumulated depreciation and amortizations. Depreciation on Fixed Assets is provided on WDV method at the rates prescribed in Income Tax act 1961.

(G) INVESTMENTS: Long Term Investments are stated at Cost. Provision for diminution in the value of long term investments is made only if such decline is other than temporary in the opinion of the management.

(H) RETIREMENT BENEFITS: Provision of Gratuity is not applicable to the company.


Mar 31, 2010

A) The company follows the accrual system of accounting in respect of all income and expenditure except dividend which is accounted for in the year in which the same is declared and received.

b) Fixed assets are valued at cost and depreciation is provided on WDV method as per rates prescribed under Income Tax Act, 1961.

c) Inventories are valued at cost.



 
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