Depreciation as per companies act 2013
This query is : Resolved
22 June 2015
I just wanted to know,
Whether as per new companies act 2013,should all companies should follow the method of useful life i.e SLM basis.
If any company is following WDV basis for the past years,will that company will need to change the method to SLM mandatorily.
If not please provide the guidance for preparing the Depreciation Schedule as per companies act 2013.
Whether as per new companies act 2013,should all companies should follow the method of useful life i.e SLM basis.
If any company is following WDV basis for the past years,will that company will need to change the method to SLM mandatorily.
If not please provide the guidance for preparing the Depreciation Schedule as per companies act 2013.
22 June 2015
companies are mandatorily required to follow provisions of companies act 2013
Hence required to follow schedule II of companies act,2013
Hence required to follow schedule II of companies act,2013
22 June 2015
Thats right.
But as per schedule 2 ,is there only one method of depreciation i.e SLM?
But as per schedule 2 ,is there only one method of depreciation i.e SLM?
22 June 2015
Yup you have follow it, dear
22 June 2015
Asset can be depreciated under WDV method as per Companies Act,2013 also.
22 June 2015
By what rate and any change in rate of depre.
22 June 2015
WDV rate shall be found by arriving 1 minus nth root of residual value/ WDV, where n is the remaining life of the asset in years.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on Deemed Capital Gain
- Exiting partner in partnership firm in gst portal
- Type of Capital Gain
- TDS _Long term Capital Gain ref.sec 214 Table 2
- Loss of interest in PF transfer from EPFO to Trust
- ITR-3 File/Error Found
- TDS offline utility
- Due Date Clarity
- ASMT-10 received from A O
- IT returns for fresh job holders
- CASH GIFT FROM BLOOD RELATIVE
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
- Rent claimed on building given on permissive possession basis
- TDS on property - Form 141 query
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
