Depreciation as per co. act 2013

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ajay laxkar (Querist)

02 July 2015 Assets constructed in 2008 which is ready for use and Completion certificate for the same received in 2014-15,
then what will be deprecation as per Co. Act 2013

thanks in advance

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)

02 July 2015 Asset will be capitalized after completion certificate is received and asset is put to use. So you need to depreciate following Schedule II of Companies Act 2013.

Check out rates from link given below based on useful life as per schedule II:

https://www.caclubindia.com/files0512/496179_59179_depreciation_rate_chart_companies_act_2013.pdf

ajay laxkar

ajay laxkar (Querist)

02 July 2015 if completion certificate is received in the F.Y. 2014-15 and and Assets put to use from 2008-09, then what will be the treatment of depreciation up to 31.03.2014

and what is value of assets to be consider for calculation of depreciation as per Companies act 2013

thanks in Advance

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)

02 July 2015 How can you put asset to use without getting the completion certificate? Only after getting the completion certificate asset can be capitalized and put to use.

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