This representation letter has been written in connection with the audit of the financial statements of the year ending 31st March, 2010. We acknowledge the responsibility of preparing the financial statements of the Company under the Companies Act, 1956, including the Accounting Standards issued by the Institute of Chartered Accountants of India.
So, the provision for income tax includes the current taxes as deferred taxes. A deferred tax asset is recognised for the future uncertainties. And, the tax effect would be calculated at the end of the year.
During the year, the company has also obtained registration as Non- Banking Financial Institution from the Reserve Bank of India. The Company also has no disputes in tax demands, including income tax, wealth tax, sales tax and unacknowledged debt by the Company.
Hereby, we confirm all the necessary legal compliances of the company.