17 April 2015 I hadnt provided u the notes.... check that once again... depreciation as per companies act wil not b calculated on percentage basis dear so there is no special rate given for assets

http://taxguru.in/company-law/rates-depreciation-companies-act-2013.html

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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18 April 2015 https://www.caclubindia.com/share_files/depreciation-rate-chart-59179.asp

You can check out the file from above link.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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18 April 2015 Also check out Application Guide on the provisions of Schedule II to the Companies Act 2013 by Corporate Laws & Corporate Governance Committee of ICAI from link given below:

http://220.227.161.86/37329clcgc27675.pdf

Querist : Anonymous

Querist : Anonymous (Querist)

21 April 2015 I would like to know the rate of depreciation for various assets will remain fixed as per Note of ICAI under WDV Method for the remaining useful years of life of the Fixed Assets concerned ? or it will vary every Financial Year ?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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21 April 2015 From 01.04.2014 the rates as per respective methods for respective assets will remain fixed.

Querist : Anonymous

Querist : Anonymous (Querist)

21 April 2015 That means whether the rates of depreciation for the following Fixed Assets will remain fixed even though these Assets are purchased during the different Financial Years i.e. irrespective dates of their purchases?

Buidling - 4.87%
Plant & Machineries - 18.10%
Concreting, Piling, Crushing Equipments - 22.09%
Cranes with capacity less than 100 Tonnes - 18.10%
General Furniture & Fixtures - 25.89%
Motor Cycles, Scooters & Mopeds - 25.89%
Motor Cars - 31.23%
Office Equipments - 45.07%
Servers & Networks - 39.30%
computers (Laptops & Desktops) - 63.16%
General Laboratory Equipments - 25.89%
Electrical Equipments & Fittings - 25.89%

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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21 April 2015 Yes it will be fixed because rates are determined based on useful life of asset which is fixed.

Querist : Anonymous

Querist : Anonymous (Querist)

22 April 2015 Sir

I am still little bit confused as I will have to go back to previous Financial Years for checking the Additions to Fixed Assets every year to arrive at the useful life of those individual Fixed Asset.

It will take much of my time. Am I right or wrong? If I am right, can you please suggest any other method?

Your suggestion, I think, will be useful to me in calculation of Depreciation under Companies Act, 2013 for Financial Year 2014-15.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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22 April 2015 1) All assets acquired before 01.04.2014 will have different amount of depreciation based on their remaining useful life. Balance of assets as on 31.03.2014 is to be depreciated proportionately over the remaining useful life of the assets. Say as on 31.03.2014 residual value of an assets is Rs 21000/- & Scrap value is Rs 1000/-. Useful life of this asset as per Companies Act 2013 is 10 years and the remaining useful life of this asset is 2 years so remaining balance of Rs 20000/- after retaining the scrap value will be depreciated over the remaining useful life i.e., 2 year. So depreciation per year is Rs 10000/-. This process to be followed for all assets acquired before 01.04.2014 individually. If the useful life of asset is expired as on 01.04.2014 but residual value remains then the residual value will have to be charged to retained earning after retaining the scrap value.

2) for all assets acquired after 01.04.2014 the rate under each category will remain uniform since there is no change of method in between the useful life of assets.

Hope its clear now.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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22 April 2015 https://www.caclubindia.com/files0512/160320_66209_depreciation__summary.pdf

https://www.caclubindia.com/files0512/1415307_66291_depreciation.pdf

Also Check out files from above links.