The Accounts are prepared on Accrual Basis under the Historical Cost
Convention in accordance with the applicable Accounting Standards and
relevant provision of the Companies Act, 1956.
All Fixed Assets are stated at Historical Cost less Depreciation.
Depreciation on Fixed Assets is provided on Written Down Value Method
in accordance with & in the manner specified in amended Schedule XIV to
the Companies Act, 1956 , read with circular no. 14/93 dt. 20.12 .1993
of the Department of Company Affairs.
TAX EXPENSES ''
Current Tax is the amount of tax payable on the estimated taxable
income for the current year as per the provisions of Income Tax Act,
1961. Deferred Tax Assets and Liabilities is recognized in respect of
current year and prospective years. Deferred Tax Assets is recognized
on the basis of reasonable/virtual certainty that future taxable income
will be available against which the same can be realized.