Mar 31, 2015
A. Basis of Preparation of Financial Statements:
The financial statements have been prepared on historical cost
convention and in accordance with generally accepted accounting
principles and applicable accounting standards.
B. Use of Estimates:
Estimates and assumptions made by management in the preparation of
Financial Statements have a bearing on reported amounts of Financial
Results, Assets & Liabilities and the disclosure of Contingent
Liabilities. Actual results could differ from those estimates. Any
revision to accounting estimate is recognized prospectively.
C. Fixed Assets:
Fixed Assets are stated at cost less Depreciation except Land.
D. Depreciation:
Depreciation is Provided under the Straight line Method in accordance
with the rates prescribed under Schedule II of the Companies Act, 2013.
E. Employee Benefits:
Liability towards Gratuity and Leave Encashment are estimated and
provided.
F. Taxes on Income:
Current Tax on Income for the Period is determined on the basis of
taxable income and tax credits computed in accordance with the
provisions of the Income Tax act 1961 and based on the expected outcome
of assessment / appeals.
Deferred Tax resulting from "timing difference" between book and
taxable profit is accounted for using the tax rates and laws that have
been enacted or substantially enacted as on the Balance Sheet Date. The
Deferred Tax Asset is recognised and carried forward only to the extent
that there is reasonable certainty that the Assets will be realised in
future.
G. Lease
Lease where the lessor effectively retains substantially all the risks
and benefits of ownership of leased term are classified as operating
Lease. Operating Lease Income is recognised in the statement of Profit
and loss account in accordances to payment schedule detailed in the
Lease deed.
H Impairment of Assets
Impairment loss, if any, is provided to the extent the carrying amount
of assets exceeds their recoverable amount.
I Provisions Contingent Liabilities and Contingent Assets
Provisions are recognized when there is a present obligation as a
result of a past event, it is probable that an outflow of resources
will be required to settle the obligation and in respect of which
reliable estimate can be made. Contingent Liabilities are disclosed,
unless the possibility of any outflow in settlement is remote, in the
notes on accounts. Contingent Assets are neither recognised nor
disclosed.
Mar 31, 2014
1. (I)
Fixed Assets:
Fixed Assets are stated at cost less Depreciation except Land.
Depreciation:
Depreciation is Provided under the Straight line Method in accordance
with the rates prescribed under Schedule XIV of the Companies Act,
1956.
Employee Benefits:
Liability towards Gratuity and Leave Encashment are estimated and
provided.
Taxes on Income:
Current Tax on Income for the Period is determined on the basis of
taxable income and tax credits computed in accordance with the
provisions of the Income Tax act 1961 and based on the expected outcome
of assessment/appeals.
Deferred Tax resulting from "timing difference" between book and
taxable profit is accounted for using the tax rates and laws that have
been enacted or substantially enacted as on the Balance Sheet Date.
The Deferred Tax Asset is recognised and carried forward only to the
extent that there is a reasonable certainty that the Assets will be
realised in future.
Lease
Lease where the lessor effectively retains substantially all the risks
and benefits of ownership of leased term are classified as operating
Lease. Operating Lease Income is recognised in the statement of Profit
and loss account in accordances to payment schedule detailed in the
Lease deed.
Mar 31, 2013
Fixed Assets:
Fixed Assets are stated at cost less Depreciation except Land.
Depreciation:
Depreciation is Provided under the Straight line Method in accordance
with the rate prescribed under Schedule XIV of the Companies Act, 1956.
Employee Benefits:
Liability towards Gratuity and Leave Encashment are estimated and
provided.
Taxes on Income:
Current Tax on Income for the Period is determined on the basis of
taxable income and tax credits computed in accordance with the
provisions of the Income Tax act 1961 and based on the expected outcome
of assessment / appeals.
Deferred Tax resulting from "timing difference between book and
taxable profit is accounted for using the tax rates and laws that have
been enacted or substantially enacted as on the Balance Sheet date. The
Deferred Tax Asset is recognised and carried forward only to the extent
that there is a reasonable certainty that the Assets will be realised
in future.
Lease
Lease where the lessor effectively retains substantially all the risks
and benefits of ownership of leased term are classified as operating
Lease. Operating Lease Income is recognised in the statement of Profit
and loss account in accordances to payment schedule detailed in the
Lease deed.
Mar 31, 2012
Fixed Assets:
Fixed Assets are stated at cost less Depreciation except Land.
Depreciation:
Depreciation is Provided under the Straight line Method in accordance
with the rate prescribed under Schedule XIV of the Companies Act, 1956.
Employee Benefits:
Liability towards Gratuity and Leave Encashment are estimated and
provided.
Taxes on Income:
Current Tax on Income for the Period is determined on the basis of
taxable income and tax credits computed in accordance with the
provisions of the Income Tax act 1961 and based on the expected outcome
of assessment / appeals.
Deferred Tax resulting from "timing difference' between book and
taxable profit is accounted for using the tax rates and laws that have
been enacted or substantially enacted as on the Balance Sheet date. The
Deferred Tax Asset is recognised and carried forward only to the extent
that there is a reasonable certainty that the Assets will be realised
in future.
Mar 31, 2011
A. Fixed Assets: Fixed Assets are stated at cost less depreciation
except Land.
B. Depreciation: Depreciation in respect of Assets purchased prior to
01.01.1984 are charged under WDV Method and in respect of Assets
purchased from 01.01.1984 to 31.03.1987 under Straightline Method, at
the rates prevailing at the time of acquisition. In respect of Assets
purchased from 01.04.1987, depreciation is charged under Straightline
Method in accordance with the rate prescribed under Schedule XIV of the
Companies (Amendment) Act, 1988.
C. Provision for Retirement Benefit: Liability towards Gratuity and
Leave Encashment are estimated and provided.
D. Deferred Taxation: Deferred Tax resulting from "timing difference"
between book and taxable profit is accounted for using the tax rates
and laws that have been enacted or substantially enacted as on the
Balance Sheet date. The Deferred Tax Asset is recognised and carried
forward only to the extent that there is a reasonable certainty that
the Assets will be realised in future.
Mar 31, 2010
A. Fixed Assets: Fixed Assets are stated at cost less depreciation
except Land.
B. Depreciation: Depreciation in respect of Assets purchased prior to
01.01.1984 are charged under WDV Method and in respect of Assets
purchased from 01.01.1984 to 31.03.1987 under Straightline Method, at
the rates prevailing at the time of acquisition. In respect of Assets
purchased from 01.04.1987, depreciation is charged under Straightline
Method in accordance with the rate prescribed under Schedule XIV of the
Companies (Amendment) Act, 1988.
C. Provision for Retirement Benefit: Liability towards Gratuity and
Leave Encashment are estimated and provided.
D. Deferred Taxation: Deferred Tax resulting from Ãtiming differenceÃ
between book and taxable profit is accounted for using the tax rates
and laws that have been enacted or substantially enacted as on the
Balance Sheet date. The Deferred Tax Asset is recognised and carried
forward only to the extent that there is a reasonable certainty that
the Assets will be realised in future.
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