Mar 31, 2014
1. Accounting Convention
Financial statements have been prepared on Historical Cost convention
and in accordance with normally accepted accounting principles.
2. Income & Expenditure Recognition
All Income & expenditure have been accounted for on accrual basis
except Dividend which is accounted for on Cash basis.
3. Fixed Assets
a. All Fixed Assets are accounted for at cost inclusive of Legal and /
or installation and incidental Expenses less Depreciation.
b. Depreciation on Fixed Assets has been provided on Written-Down
Value (WDV) as per rate prescribed under schedule XIV to the Companies
Act, 1956.
4. Valuation of Investment in Shares:
Investments in shares & securities have been valued at Cost.
5. Gratuity:
None of the Employee has completed the service period to become
eligible for payment of Gratuity.
6. Deferred Revenue Expenditures:
a. No Share issue expenses and Preliminary expenses are being written
off during the year.
b. No Deferred Revenue Expenditure is being written off during the
year.
7. Taxation:
Provision for taxes comprising of current tax is measured in accordance
with Accounting Standard 22- "Accounting For Taxes On Income" issued by
the Institute of Chartered Accountants of India:
Income Tax expenses comprise current tax and deferred tax charges to
credit. The deferred tax charges to credit are recognized using current
tax rates. When there are unabsorbed depreciation or carry forward
losses, deferred tax assets are recognized only if the is virtual
certainty of realization of such assets. Other deferred assets are
recognized only to the extent there is reasonable certainly of
realization in future. Deferred tax assets/liabilities are reviewed as
at each balance sheet date based on developments during the year and
available case law, to reassess realization/liabilities.
Mar 31, 2012
1. Accounting Convention
Financial statements have been prepared on Historical Cost convention
and in accordance with normally accepted accounting principles.
2. Income & Expenditure Recognition
All Income & expenditure have been accounted for on accrual basis
except Dividend which is accounted for on Cash basis.
3. Fixed Assets
a. All Fixed Assets are accounted for at cost inclusive of Legal and /
or installation and incidental Expenses less Depreciation.
b. Depreciation on Fixed Assets has been provided on Written-Down
Value (WDV) as per rate prescribed under schedule XIV to the Companies
Act,1956.
4. Valuation of Investment in Shares :
Investments in shares & securities have been valued at Cost.
5. Gratuity :
None of the Employee has completed the service period to become
eligible for payment of Gratuity.
6. Deferred Revenue Expenditures :
a. No Share issue expenses and Preliminary expenses are being written
off during the year.
b. No Deferred Revenue Expenditure is being written off during the
year.
7. Taxation :
Provision for taxes comprising of current tax is measured in accordance
with Accounting Standard 22- "Accounting For Taxes On Income" issued by
the Institute of Chartered Accountants of India :
Income Tax expenses comprise current tax and deferred tax charges to
credit. The deferred tax charges to credit are recognized using current
tax rates. When there are unabsorbed depreciation or carry forward
losses, deferred tax assets are recognized only if the is virtual
certainty of realization of such assets. Other deferred assets are
recognized only to the extent there is reasonable certainly of
realization in future. Deferred tax assets/liabilities are reviewed as
at each balance sheet date based on developments during the year and
available case law, to reassess realization/liabilities.
Mar 31, 2010
1. Accounting Convention
Financial statements have been prepared on Historical Cost convention
and in accordance with normally accepted accounting principles.
2. Income & Expenditure Recognition
All Income & expenditure have been accounted for on accrual basis
except Dividend which is accounted for on Cash basis.
3. Fixed Assets
a. All Fixed Assets are accounted for at cost inclusive of Legal and /
or installation and incidental Expenses less Depreciation.
b. Depreciation on Fixed Assets has been provided on Written-Down
Value (WDV) as per rate prescribed under schedule XIV to the Companies
Act. 1956. No Provision of Depreciation of Plant & Machinery and office
equipments.
4. Valuation of Investment in Shares :
Investments in shares & securities have been valued at Cost.
5. Gratuity :
None of the Employee has completed the service period to become
eligible for payment of Gratuity.
6. Deferred Revenue Expenditures :
a. No Share issue expenses and Preliminary expenses are being written
off during the year.
b. No Deferred Revenue Expenditure is being written off during the
year.
7. Taxation :
Income Tax expenses comprise current tax and deferred tax charges to
credit. The deferred tax charges to credit are recognized using current
tax rates. When there are unabsorbed depreciation or carry forward
losses, deferred tax assets are recognized only if the is virtual
certainty of realization of such assets. Other deferred assets are
recognized only to the extent there is reasonable certainly of
realization in future. Deferred tax assets/ liabilities are reviewed as
at each balance sheet date based on developments during the year and
available case law, to reassess realization/liabilities.
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