Accounting Policies of Tarang Projects and Consultant Ltd. Company

Mar 31, 2015

A. Accounting Conventions

I. These financial statements have been prepared in accordance with the Generally Accepted Accounting Principles in India ('Indian GAAP') to comply with the Accounting Standards specified under Section 133 of the Companies Act, 2013, read with Rule 7 of the Companies (Accounts) Rules, 2014 and the relevant provisions of the Companies Act, 2013. The financial statements have been prepared under the historical cost convention on accrual basis, except for certain

II. All Income & Expenditure items having material bearing on the financial statements are recognized on accrual basis except material uncertainty.

b. Fixed Assets

Fixed assets are stated at cost, less accumulated depreciation / amortisation. Costs include all expenses incurred to bring the assets to its present location and condition.

c. Depreciation

In respect of fixed assets acquired during the year, depreciation /amortisation is charged on a straight line basis so as to write off the cost of the assets over the useful lives and for the assets acquired prior to April 1, 2014, the carrying amount as on April 1, 2014 is depreciated over the remaining useful life based on an evaluation.

d. Valuation Of Investments

Long-term investments and current maturities of long-term investments are stated at cost, less provision for other than temporary diminution in value. Current investments, except for current maturities of long-term investments, are stated at the lower of cost and fair value.

e. Retirement Benefits

Liability on account of gratuity & other retirement benefits is accounted when paid.

f. Taxation

The provision for taxation is ascertained profit computed in accordance with the provisions of Income Tax Act, 1961. Deferred tax is recognized subject to the consideration of prudence, on timing difference, being the difference taxable income & accounting income that originate in one period and are capable of reversal in one or more subsequent period.

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Mar 31, 2014

A. Accounting Conventions

I. The accompanying financial statements have been prepared under the historical cost convention in accordance with the generally accepted accounting principles in India, the applicable Accounting Standards issued by the Institute of Chartered Accountants of India (ICAI) and the provisions of the Companies Act, 1956.

II. All Income & Expenditure items having material bearing on the financial statements are recognized on accrual basis except material uncertainty.

b. Fixed Assets

Fixed Assets are stated on cost less depreciation.

c. Depreciation

Depreciation on fixed assets is provided on written down value method at the rates prescribed in schedule XIV to the Companies Act, 1956. Depreciation on additions during the years have been provided on pro-rata basis

d. Valuation Of Investments

Long Term Investment is quoted at cost. No provision has been made for diminution in the value of the investments as all the investments are long-term & in the opinion of the management diminution in the value of the shares, if any, is not of a permanent nature hence no provision has been made for such diminution.

e. Retirement Benefits

Liability on account of gratuity & other retirement benefits is accounted when paid.

f. Taxation

The provision for taxation is ascertained profit computed in accordance with the provisions of Income Tax Act, 1961. Deferred tax is recognized subject to the consideration of prudence, on timing difference, being the difference taxable income & accounting income that originate in one period and are capable of reversal in one or more subsequent period.

c. Terms / Rights attached to Equity Shares

The Company has only one class of equity shares having par value at Rs. 10/- per share. Each holder of equity shares is entiled to one vote per share.

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Mar 31, 2013

A. Accounting Conventions

I. The accompanying financial statements have been prepared under the historical cost convention in accordance with the generally accepted accounting principles in India, the applicable Accounting Standards issued by the Institute of Chartered Accountants of India (ICAI) and the provisions of the Companies Act, 1956.

II. All Income & Expenditure items having material bearing on the financial statements are recognized on accrual basis except material uncertainty.

b. Fixed Assets

Fixed Assets are stated on cost less depreciation.

c. Depreciation

Depreciation on fixed assets is provided on written down value method at the rates prescribed in schedule XIV to the Companies Act, 1956. Depreciation on additions during the years have been provided on pro-rata basis

d. Valuation Of Investments

Long Term Investment is quoted at cost. No provision has been made for diminution in the value of the investments as all the investments are long-term & in the opinion of the management diminution in the value of the shares, if any, is not of a permanent nature hence no provision has been made for such diminution.

e. Retirement Benefits

Liability on account of gratuity & other retirement benefits is accounted when paid.

f. Taxation

The provision for taxation is ascertained profit computed in accordance with the provisions of Income Tax Act, 1961. Deferred tax is recognized subject to the consideration of prudence, on timing difference, being the difference taxable income & accounting income that originate in one period and are capable of reversal in one or more subsequent period.

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Mar 31, 2012

A. Accounting Conventions

I. The accompanying financial statements have been prepared under the historical cost convention in accordance with the generally accepted accounting principles in India, the applicable Accounting Standards issued by the Institute of Chartered Accountants of India (ICAI) and the provisions of the Companies Act, 1956.

II. All Income & Expenditure items having material bearing on the financial statements are recognized on accrual basis except material uncertainty.

b. Fixed Assets

Fixed Assets are stated on cost less depreciation.

c. Depreciation

Depreciation on fixed assets is provided on written down value method at the rates prescribed in schedule XIV to the Companies Act, 1956. Depreciation on additions during the years have been provided on pro-rata basis

d. Valuation Of Investments

Long Term Investment is quoted at cost. No provision has been made for diminution in the value of the investments as all the investments are long-term & in the opinion of the management diminution in the value of the shares, if any, is not of a permanent nature hence no provision has been made for such diminution.

e. Retirement Benefits

Liability on account of gratuity & other retirement benefits is accounted when paid.

f. Taxation

The provision for taxation is ascertained profit computed in accordance with the provisions of Income Tax Act, 1961. Deferred tax is recognized subject to the consideration of prudence, on timing difference, being the difference taxable income & accounting income that originate in one period and are capable of reversal in one or more subsequent period.

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Mar 31, 2011

Not Avaiable