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Accounting Policies of Shyama Infosys Ltd. Company

Mar 31, 2014

(a) Basis of Accounting

The accounts of the company are prepared under the historical cost convention and are in accordance with the applicable Accounting Standards and accordingly accrual basis of accounting is followed for recognition of Income & Expenses.

(b) Fixed Assets

The Fixed Assets are valued at cost of acquisition less accumulated depreciation.

(c) Depreciation

Depreciation of all assets are provided on "Straight Line Method" at the rate and manner prescribed in schedule XIV of the Companies Act, 1956.

(d) Tax on Income

Income Tax Expenses comprises current tax and deferred tax charge of credit.

The deferred tax charge or credit is recognized using current tax rates. When there is unabsorbed depreciation or carry forward losses, deferred tax assets are recognised only if there is virtual certainty of realisation of such assets. Deferred tax assets/liabilities are reviewed as at each balance sheet date based on developments during the year to reassess realisation/liabilities.


Mar 31, 2013

(a) Basis of Accounting

The accounts of the company are prepared under the historical cost convention and are in accordance with the applicable Accounting Standards and accordingly accrual basis of accounting is followed for recognition of Income & Expenses.

(b) Fixed Assets

The Fixed Assets are valued at cost of acquisition less accumulated depreciation.

(c) Depreciation

Depreciation of all assets are provided on "Straight Line Method" at the rate and manner prescribed in schedule XIV of the Companies Act, 1956.

(d) Tax on Income

Income Tax Expenses comprises current tax and deferred tax charge of credit.

The deferred tax charge or credit is recognized using current tax rates. When there is unabsorbed depreciation or carry forward losses, deferred tax assets are recognized only if there is virtual certainty of realization of such assets. Deferred tax assets/liabilities are reviewed as at each balance sheet date based on developments during the year to reassess realization/liabilities.


Mar 31, 2009

(A) System of Accounting : The Company has followed the mercantile basis of accounting.

(B) Fixed Assests : Fixed Assets are stated at cost of acquisition less accumulated depreciation.

(C) Depreciation : Depreciation on all assets are provided on" Straight Line Method" at the rate and in the manner prescribed in Schedule XIV of the Companies Act, 1956 as amended to date.

(D) Contingent Liability: Amount of contingent liabilities not provided for in the accounts Rs. NIL (Previous period Rs. Nil).

(E) Estimated amount of contract remaining to be executed on capital account and not provided for is Rs. Nil ( Previous year Rs. NIL).

 
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