Significant Accounting policies:
Statement of compliance
Standalone Financial Statements have been prepared in accordance with the Generally Accepted Accounting
Principles in India including Indian Accounting Standards (Ind AS) prescribed under the Section 133 of the
Companies Act, 2013 read with rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 as
amended and relevant provisions of the Companies Act, 2013Accordingly, the Company has prepared
these Standalone Financial Statements which comprise the Balance Sheet as at 31 March, 2024, the
Statement of Profit and Loss for the year ended 31 March 2024, the Statement of Cash Flows for the year
ended 31 March 2024 and the Statement of Changes in Equity for the year ended as on that date, and
accounting policies and other explanatory information (together hereinafter referred to as 'Standalone Financial
Statements' or 'financial statements').These financial statements are approved for issue by the Board of
Directors on 29th May 2024.
Basis of preparation of Financial Statements
The separate financial statements of the company are prepared in accordance with Indian Accounting
Standards (Ind AS), under the historical cost convention on the accrual basis as per the provisions of the
Companies Act, 2013.Exceptions if any are given with suitable disclosure in the Financial statements
wherever we come across.
The Ind AS are prescribed under Section 133 of the Act read with Rule 3 of the Companies(Indian Accounting
Standards) Rules, 2015 and relevant amendment rules issued thereafter.
Accounting policies have been consistently applied except where a newly issued accountingstandard is
initially adopted or a revision to an existing accounting standard requires a changein theaccounting policy
hitherto in use.
Use of estimate
The preparation of the financial statements in conformity with Ind AS requires the Management to make
estimates, judgments and assumptions. These estimates, judgments and assumptions affect the application
of accounting policies and the reported amounts of assets and liabilities, the disclosures of contingent
assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses
during the period. Actual results could differ from those estimates.
This note provides an overview of the areas where there is a higher degree of judgment or complexity.
Detailed information about each of these estimates and judgments is included in relevant notes together
with information about the basis of calculation.
A summary of the significant accounting policies applied in the preparation of the financial statements are
as given below. These accounting policies have been applied consistently to all the periods presented in the
financial statements.
(a) Revenue Recognition
Revenue from Software Development is recognized based on Software Developed and billed asper the
terms of specific contracts. Revenue from providing services is recognised in the accounting period in which
the services are rendered. Revenue is recognised based on actual service provided vis-a-vis proportion of
the total services to be provided at the end of the year. Income from dividend if any, isaccounted on cash
basis.
(b) Interest income
Interest income is recognized on a time proportion basis considering the amount outstandingand the applicable
interest rate. Interest income is included under the head "other income" in thestatement of profit and loss.
(c) Income taxes:
The income tax expense or credit for the period is the tax payable on the current period's taxable income
based on the applicable income tax rate for each jurisdiction adjusted by changes in deferred tax assets
and liabilities attributable to temporary differences and to unused tax losses.
Current tax
The tax currently payable is based on taxable profit for the year. The Company's current tax is calculated
using tax rates and laws that have been enacted or substantively enacted by the end of the reporting
period.
Deferred tax
Deferred tax is recognised on temporary differences between the carrying amounts of assets and
liabilities in the Financial Statements and the corresponding tax bases used in the computation of
taxable profit.
Minimum Alternate Tax (MAT)
Deferred tax assets include Minimum Alternative Tax (MAT) paid in accordance with the tax laws in
India, which is likely to give future economic benefits in the form of availability of set off against future
income tax liability.
Current and deferred tax expense is recognised in the Statement of Profit and Loss, except when they
relate to items that are recognised in other comprehensive income or directly in equity, in which case,
the current and deferred tax are also recognised in other comprehensive income or directly in equity
respectively.
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