j. Income Tax
i. Provision for Income Tax is made in accordance with the Income Tax Act, 1961.
ii. Current Tax is determined as the amount of tax payable in respect of taxable income for the year.
iii. The company has recognized Deferred Taxes which result from timing difference between the Book profits and Tax profits.
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3.
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Contingent Liability:
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(Rs. in lacs)
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Particulars
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2023-24
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2022-23
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Income Tax Case (Liability not provided for)
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94.60
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94.60
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Corporate Guarantee (Third Party)
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4709.00
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4709.00
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1) The average credit period is 30-90 days from the date of invoice. No interest is recovered on trade receivables for payments received after due date.
2) The Company has used a practical expedient by computing the expected credit loss allowance for trade receivables based on a provision matrix. The provision matrix takes into account historical credit loss experience and adjusted for forward-looking information alongwith changes in credit risk of specific parties/companies. The expected credit loss allowance is based on the ageing of the days the receivables are due and the rates as given in the provision matrix.
3) No trade or other receivable are due from directors or other officers of the Company either severally or jointly with any other person. Nor any trade or other receivables are due from firms or private companies respectively in which any director is a partner, a director or a member.
(d) Terms/ Right attached to Shares
(i) The equity shares of the Company, having par value of Rs. 10 each, rank pari passu in all respects including voting rights and entitlement to dividend.
(ii) In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
Note No. 29: Segment Reporting I. Business Segments
The Company is primarily engaged in print media. Accordingly, there is no other separate reportable segment.
II. Geographical Segments
The Company provides all its circulation from India only and hence location of plant is considered to be in India only, thus the Statement of Profit and Loss and Balance sheet depicts the picture of segment results and the segmental assets and liabilities.
Note No. 30: In the opinion of the Board, the current assets, loans and advances debtors & creditors have a value on realization in ordinary course of business, at least equal to the amount at which they are stated in the Balance Sheet. However, no confirmation has been obtained on the same.
Note No. 31: Amount due to small industries for more than Rs. 1.00 Lakh and due for more than 30 days is Rs. Nil.
Note No. 32: Previous year's figures have been regrouped and rearranged wherever considered necessary.
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