Depreciation

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Querist : Anonymous

Querist : Anonymous (Querist)

14 March 2014 Please let us know whether the Depreciation under Section 123 of the new Companies Act 2013 is coming into force for this current Financial year 2013-2014?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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14 March 2014 no, the rates as notified for co act 1956 is applicabel.

Querist : Anonymous

Querist : Anonymous (Querist)

26 March 2014 Sir,

We are running a Chit Fund Company. New Companies Act 2013 comes into force from September 2013.

As per Section 123(1)(a), the depreciation shall be provided for this financial year as per Schedule-II for the purpose of declaration of dividend.

Will you please give us your opinion as to whether we follow the rate of Depreciation under the Companies Act 1956 or the new Companies Act 2013. Your guidance will be of immense help to us in this matter.

Regards,
C. DURAIRAJ
Manager,
Sree Visalam Chit Fund Ltd.,
Pallathur-630107.

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