Depreciation as per new companies act 2013
This query is : Open
30 June 2014
Hello Experts,Please guide me Depreciation applicability as per new companies act 2013. As per new act depreciation should deduct as per useful life of an asset. My query is
- the useful life mentioned is minimum or maximum life of an asset ?
- is there any transitional effect on assets continuing in books, on which depreciation deduct as per old co. act 1956?
- from which date the new act applicable ?
-our company brought a new car on 15.06.2014, depreciation deduct under new act useful life 8yrs. or as per old act 13.11%?
many thanks...
- the useful life mentioned is minimum or maximum life of an asset ?
- is there any transitional effect on assets continuing in books, on which depreciation deduct as per old co. act 1956?
- from which date the new act applicable ?
-our company brought a new car on 15.06.2014, depreciation deduct under new act useful life 8yrs. or as per old act 13.11%?
many thanks...
30 June 2014
for car it is 11.88% you can take this rate for your new car.
you can take minimum dep. rate as above or any rate which depreciate the car in 8 years.
you can take minimum dep. rate as above or any rate which depreciate the car in 8 years.
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30 June 2014
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08 July 2014
Thanks both of you, but i want to know the useful life mentioned in new act i.e. 8yrs is minimum or maximum.
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