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moneycontrol.com भारत | लेखांकन नीति > Construction & Contracting - Housing > लेखांकन नीति फॉलोड से कमनवाला हाउसिंग कंस्ट्रक्शन - बीएसई: 511131, NSE: N.A

कमनवाला हाउसिंग कंस्ट्रक्शन

बीएसई: 511131  |  NSE: N.A  |  ISIN: INE344D01018  |  Construction & Contracting - Housing

खोजें कमनवाला हाउसिंग कंस्ट्रक्शन कनेक्शन मार्च 14
लेखांकन नीति साल : मार्च '15
1.1      Basis of Preparation of Financial Statements
 
 These financial statements have been prepared to comply with the
 Generally Accepted Accounting Principles in India (Indian GAAP),
 including the Accounting Standards notified under the relevant
 provisions of the Companies Act, 2013. The financial statements
 are prepared on accrual basis under the historical cost
 convention in accordance with Accounting Principles Generally
 Accepted in India.
 
 1.2 Use of Estimates
 
 The preparation of financial statements in conformity with
 Indian GAAP requires judgments, estimates and assumptions to be
 made that affect the reported amount of assets and liabilities,
 disclosure of contingent liabilities on the date of the
 financial statements and the reported amount of revenues and
 expenses during the reporting period. Difference between the
 actual results and estimates are recognized in the period in
 which the results are known/materialized.
 
 1.3 Fixed Assets (Own)
 
 Tangible Assets are stated at cost net of recoverable taxes,
 trade discounts and rebates, less accumulated depreciation and
 impairment loss, if any. The cost of Tangible Assets comprises
 its purchase price, borrowing cost and any cost directly
 attributable to bringing the asset to its working condition for
 its intended use.
 
 1.4 Depreciation and Amortization
 
 Depreciation on fixed assets is provided to the extent of
 depreciable amount on Straight Line Method based on the useful
 life of the asset as prescribed in Schedule II of the Companies
 Act, 2013.
 
 1.5 Investments
 
 Investments which are readily realizable and intended to be held
 for not more than one year from the date on which such
 investments are made, are classified as Current Investments. All
 other investments are classified as Long-Term Investments.
 
 Current Investments are carried in the Financial Statements at
 lower of cost or fair value determined on an individual
 investment basis. Long-Term Investments are stated at cost of
 acquisition. Provision for diminution in the value of Long- Term
 Investments is made only if, such decline in the opinion of
 Management is other than temporary.
 
 1.6 Inventory
 
 Items of inventory are measured as per basis mentioned below:-
 
 Raw Materials are valued at cost on FIFO basis.
 
 Work-In-Progress is valued at cost including cost of finance,
 which consist of interest on loans which is capitalized in
 proportion of its area remained unsold irrespective of its
 construction stage.
 
 1.7 EMPLOYEE BENEFITS
 
 (a) Short-Term Employee Benefits
 
 The undiscounted amount of short term employee benefits expected
 to be paid in exchange for the services rendered by employees
 are recognized as an expense during the period when the
 employees render the services.  These benefits include
 performance incentive and compensated absences.
 
 (b) Post-Employment Benefits
 
 (i) Defined Contribution Plans
 
 A defined contribution plan is a post-employment benefit plan
 under which the Company pays specified contributions to a
 separate entity. The Company makes specified monthly
 contributions towards Provident Fund, Superannuation Fund and
 Pension Scheme. The Company''s contribution is recognised as an
 expense in the Profit and Loss Statement during the period in
 which the employee renders the related service.
 
 (ii) Defined Benefit Plans
 
 The liability in respect of defined benefit plans and other
 post-employment benefits is calculated using the Projected Unit
 Credit Method and spread over the period during which the
 benefit is expected to be derived from employees'' services. The
 Company has formed the Trust for Group Gratuity Scheme with Life
 Insurance Corporation of India.
 
 1.8      Revenue Recognition
 
 Revenue from sale of flats and office premises is recognized on
 execution of agreements as the projects are nearing to
 completion.
 
 Interest income is recognized on a time proportion basis taking
 into account the amount outstanding and the interest rate
 applicable.
 
 Profit/loss of the Shares in Partnership Firm is recognized on
 the basis of Unaudited Financial Statements of the Partnership
 Firm.
 
 The Company has recognized Rs. 110.75 Lacs as compensation
 receivable from related party Aspen Properties Pvt. Ltd.
 However, the same does not appear as payable in the provisional
 unaudited financial statements of Aspen Properties Pvt. Ltd. The
 same is subject to reconciliation.
 
 1.9 Service Tax and Value added Tax
 
 Service Tax is paid on the services provided or to be provided
 on receipts basis. Value Added Tax is paid on the basis of
 Agreement registered during the year for booking made after
 01.04.2010 inclusive of current year.
 
 The Company is in process of reconciling its Service Tax input
 credit and other amounts as per the records with the Service Tax
 returns. Any errors/omissions that may be identified from this
 exercise could impact the amounts reflected as
 receivable/payable from Service tax authorities.
 
 1.10 Income Tax/Deffered Tax
 
 Tax expense comprises of current tax and deferred tax. Current
 tax is measured at the amount expected to be paid to the tax
 authorities, using the applicable tax rates. Deferred income tax
 reflect the current period timing differences between taxable
 income and accounting income for the period and reversal of
 timing differences of earlier years/period.  Deferred tax assets
 are recognized only to the extent that there is a reasonable
 certainty that sufficient future income will be available except
 that deferred tax assets, in case there are unabsorbed
 depreciation or losses, are recognized if there is virtual
 certainty that sufficient future taxable income will be
 available to realise the same.
 
 1.11 Provisions, Contingent Liabilities and Contingent Assets
 
 The Company recognizes a provision when there is present
 obligation as a result of a past event that probably requires an
 outflow of resources and a reliable estimate can be made of the
 amount of the obligation. A disclosure for contingent liability
 is made when there is possible obligation or a present
 obligation that may, but probably will not, require an outflow
 of resources. Contingent assets are neither recognized nor
 disclosed in the Financial Statements.
 
 1.12 Other Information and Explanations
 
 1.12.1 Balances in various accounts included in Sundry Debtors,
 Sundry Creditors, Advances Recoverable, Deposits/ Advances from
 Customers and Joint Venture Accounts are subject to
 confirmation.
 
 1.12.2 In the opinion of the Board, the aggregate value of
 current assets (including stock) and loans and advances on
 realization in the ordinary course of business will not be less
 than the amount at which these are stated in the Balance Sheet.
 
 1.12.3 All lands/development rights/premises are purchased on
 agreement basis and conveyance in respect of the same will be
 executed directly in favor of Co-operative Societies whenever
 they will be formed.
 
 1.12.4 The Company has no information as to whether any of its
 suppliers constitute small-scale undertakings and therefore, the
 amount due to such suppliers has not been separately identified.
 
 1.12.5 During the current year, assessment of Income Tax for the
 A.Y. 2011-12 was completed and order was passed by Addl. CIT
 wherein demand of Income Tax is raised by the assessing
 authority of Rs. 3.78 Crores. However Company has filed an appeal
 with the Commissioner of Income Tax (Appeal). The same has been
 reflected under Contingent Liability as per Note 36.
 
 1.12.6 During the current year, assessment of Income Tax for the
 A.Y. 2012-13 was completed and order was passed by Dy.
 Commissioner of Income Tax wherein demand of Income Tax is
 raised by the assessing authority of Rs. 82.27 Lacs. However,
 Company has filed an appeal with the Commissioner of Income Tax
 (Appeal). The same has been reflected under Contingent Liability
 as per Note 36.
 
 1.12.7 During the current year, assessment of Sales Tax for F.Y.
 2006-07, 2007-08, 2008-09, 2009-10 and 2010-11 was completed and
 order was passed by Dy. Commissioner of Sales Tax wherein demand
 of Sales Tax is raised by the assessing authority of Rs. 63.80
 Lacs. However, the Company has filed an appeal with the Joint
 Commissioner of Sales Tax (Appeal).
स्रोत: रेलीगरे टेचनोवा

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