Depreciation f.y 14-15

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Sopan Dattatray Pingale (Querist)
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30 October 2015 Sir,
Please Solve my Query

1] Depreciation as per company law act 2013 start from 01/04/2014

2] Previous Depreciation As per company law 1956 can use for F.Y 2014-15 voluntary or as per act 2013 depreciation compulsory from 1 April 2014

Please suggest me

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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30 October 2015 Applicable for all companies from 01.04.2014. See MCA General Circular 08/2014 dated 04.04.2014 from link given below:

https://www.mca.gov.in/Ministry/pdf/General_Circular_8_2014.pdf

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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30 October 2015 Depreciation as per Schedule II of CA 2013 is mandatory from 01.04.2014.

You need to check the remaining useful life of old asset and depreciate the asset over its remaining useful life.

If life of asset is already expired but the balance remains then you can charge the remaining balance after keeping the scrap value to retained earnings or you can keep the value as it is till the asset is discarded.

For new asset new depreciation rates as per CA 2013 based on useful life of asset can be applied.

Sopan Dattatray Pingale

Sopan Dattatray Pingale (Querist)
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30 October 2015 Means Compulsory Depreciation as per company law 2013 from 01/04/2014 no voluntory

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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30 October 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:

https://220.227.161.86/37329clcgc27675.pdf

Also Check out files from links given below:

https://www.caclubindia.com/files0512/160320_66209_depreciation__summary.pdf

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

Check out rates from link given below:

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

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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30 October 2015 Yes its compulsory and not voluntary.

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