Depreciation as per co act 2013

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

13 June 2015 according to the sch-II of company act 2013 the useful life of computer is 3 years.so my query regarding this issue is that if computer is purchased on 26/06/2010 and we have depreciated as per wdv method til date and now how much we have to depreciate as per company act 2013 for the year ending 31/3/15

Ankur Singhal

Ankur Singhal (Expert)
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15 June 2015 Now you have to depreciate the the whole amount i.e WDV of the asset, in 31/03/2015.

You can only carry asset in books @5% of Purchase price of asset.
The remaining amount you need to write off.

In short WDV on 1/04/2014 - 5% of Purchase price would be required to be written off on 31/03/2015

Querist : Anonymous

Querist : Anonymous (Querist)

15 June 2015 ok thank you sir
and as per IT act we have some amount of WDV
balance as on 31.3.2014. now how to deal with
Income tax.

Ankur Singhal

Ankur Singhal (Expert)
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15 June 2015 dear
for purpose of income tax follow the approach as you were following before the schedule 2
Do not get confuse

Balance sheet s per companies act will be prepared apart from the balance sheet as per income tax act.