6. Company has complied with the Accounting Standard - 22 issued by the Institute Of Chartered Accountants Oi India and the provision for deferred tax has been made during the year
7. DETAILS OF EMPLOYEE BENEFIT :
(a) Defined Contribution Plan ;
The Company has defined contribution plan in form of Provident fund and Employee State Insurance Scheme for qualifying employees. Under the Schemes, the Company is required to contribute a specified rates to fund the schemes.
(b) Defined Benefits Plan :
The Company provides for retirement benefits in the form of Gratuity, The Company’s gratuity scheme (funded) provides for lump sum payment to vested employees at retirement, death while in employment or on termination of employment. The present value of the defined benefits plan was measured using the projected unit credit method.
The Company presents the above liability as current and non-current in the Balance sheet as per actuarial valuation by independent actuary
The following tables set out the status of the gratuity plan and amounts recognised in the financial statements as on 31s1 March 2024.
The Company has started recognizing the gratuity liability in the books of accounts based on the actuarial valuation from FY 2023-24. Hence, the Opening liability of Ks.3.51 lacs has been booked as Prior Period Expense and expense recognized in the statement of Proiil and Loss account for the current period 2023-24 is of Rs. 1.92 lacs.
(c) Leave Effljaghmentt
The company has the polity of recognizing the expenses in connection to the same as and when the same are incurred.
12. MICRO, SMALL AND MEDIUM SCALE BUSINESS ENTITIES:
There arc Micro and Small Enterprises, to whom the Company owes dues, which are outstanding for more than 45 days during foe year and also as at 31 si March. 2024. This information as required to be disclosed under the Micro, Small and Medium linteipriscs Development Acl. 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.
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