Depreciation f.y 14-15
This query is : Resolved
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
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
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
https://www.mca.gov.in/Ministry/pdf/General_Circular_8_2014.pdf
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.
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.
30 October 2015
Means Compulsory Depreciation as per company law 2013 from 01/04/2014 no voluntory
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
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
30 October 2015
Yes its compulsory and not voluntary.
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