| 1. a) Taxes on Income:
Provision for Income Tax is made in accordance with the Income Tax Act,
1961
Accounting Standard 22 - Taxes on Income
Current tax is determined as the amount of tax payable in respect of
taxable income for the year. The deferred tax for timing difference
between the book profit and tax profit for the year is accounted using
tax rates and tax laws that have been enacted or substantially enacted
at the Balance Sheet date. Deferred Tax assets arising from the timing
difference are recognized to the extent that there is reasonable
certainty that sufficient future taxable income will be available.
2. Contingent Liability (Rs. in lacs)
2015 2014
IT Cases in appeal 526.06 526.06
3. Small Scale Industrial Undertakings:
Name of Small Scale Industrial under takings to whom the company owes a
sum exceeding Rs. 1,00,000/- which is outstanding for more than 30 days
:- Nil
4. Deferred Revenue Expenditure:
Preliminary expenses are amortized in five equal annual installments.
5. In the opinion of the Board current assets, loans & advances have
value of realization in the ordinary course of business at least equal
to the amount of which they are stated and that provision for known
liabilities is adequate and not in excess of the amount reasonably
necessary.
6. Previous year figures have been regrouped and rearranged wherever
considered necessary.
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