1 STATEMENT ON SIGNIFICANT ACCOUNTING POLICIES
1.1 Basis of preparation
The financial statement have been prepared to comply in all material respect with the Accounting Standards notified under section 133 of the Companies Act, 2013 ("the Act"), read with rule 7 of the Companies (Accounts) Rules,2014 The Financial statement have been prepared under the historical cost convention on an accrual basis. The accounting policies have been consistently applied by the company and are consistent with those in the previous year.
1.2 Use of Estimates
The preparation of financial statement in conformity with Generally Accepted Accounting Principles requires management to make estimates and assumption that affect the reported amounts of assets, liabilities and contingent liabilities at the reported date and the reported amounts of revenues and expenses during the reporting period. Although these estimates are based on the management best knowledge of current events and actions, actual results could differ from these estimates. Any revision in accounting estimates is recognised prospectively in current and future periods.
1.3 Fixed Assets:
Fixed Assets have been stated at original cost of acquisition including taxes duties freight and other incidental expenses related to acquisition and installation of the assets concerned.
1.4 Depreciation:
Depreciation on all tangible and intangible fixed assets is provided on the straight-line method (SLM) upto 95% of the total cost of the basis of estimated useful lives as specified in Schedule II to the Companies Act 2013.
1.5 Investments:
Long-term investments are stated at cost. Provision for diminution in the value of long term investment is made only if such decline is other than temporary.
1.6 Inventory
Stock in trade in shares is valued at lower of cost and market value.
1.7 Revenue Recognition:
Brokerage are recognized when the transaction of sale and purchase of securities takes place.
1.8 Taxes on Income:
Tax on income for the current period is determined on the basis of Income Tax Act, 1961.Deferred tax is recognized on timing difference between the accounting income and taxable income for the year and quantified using the tax rate and laws enacted or substantively enacted as on the Balance Sheet Date. Deferred tax assets are recognized and carried forward to the extent that there is reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized
1.9 Employees Benefit
Contribution to Provident Fund, Family Pension Fund are provided on accrual basis. Gratuity and Leave encashment are being accounted on payment basis,
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