Note 1 : NOTES FORMING PART OF THE ACCOUNTS 1. SIGNIFICANT ACCOUNTING POLICIES A. The financial statements are brpared on the accrual basis of accounting and in accordance with the standard on accounting notified by the Companies (Accounting Standards) Rules, 2006 and referred to in Section 211(3C) of the Companies Act, 1956. B. Revenue Recognition Dividend on Investments is accounted when the right to receive payment is established. C. Investments Investments being long term are stated at cost less diminution in the value of investments if any. D. Taxes on Income (a) Current Tax : Provision for Income Tax is determined in accordance with the provision of Income Tax Act, 1961. (b) Deferred Tax Provision : Deferred Tax is recognised on timing differences between the accounting income and taxable income for the year and quantified using the tax rates and laws enacted or subsequently enacted on the Balance Sheet date. Deferred Tax Assets are recognised and carried forward against which deferred tax assets can be realised. 2. General instruction for brparation of Balance Sheet and Profit and Loss Statement as per revised Schedule VI are given to the extent they are applicable to the Company. 3. Figures of Previous Year have been regrouped wherever necessary. |