Depreciation for Banks
This query is : Resolved
Shiv om Jindal
(Querist)
24 March 2008
I want some information regarding apllicability of Schdule XIV of
Companies Act, 1956 on Nationalised bank. Can somebody provide me detailed provisions in this regard, specially in case of adoption of rate diffrent from Schdule XIV.
Companies Act, 1956 on Nationalised bank. Can somebody provide me detailed provisions in this regard, specially in case of adoption of rate diffrent from Schdule XIV.
MANAS ROUT
(Expert)
25 March 2008
dep rate for bank also same as per companies act. 1956.
26 March 2008
The rate is same as of other companies
If u follow diff rates, u need to mention rate of dep, reasons for using diff. rates and the method used for dep (WDV or SLM or any other)
If u follow diff rates, u need to mention rate of dep, reasons for using diff. rates and the method used for dep (WDV or SLM or any other)
28 March 2008
SCH XIV IS APPLICABLE FOR ALL COS. UNDER COMPANY'S ACT.
HOWEVER IF YOU NEED TO FOLLOW DIFFERENT RATES, THERE IS NO BAR BUT YOU NEED TO STATE THE REASON AND THE RATES WHICH YOU WISH TO ADOPT AND METHOD OF DEP. ADOPTED IN NOTES TO ACCOUNTS AND THE STATUTORY AUDITOR ALSO NEEDS TO STATE THE SAME IN HIS REPORT.
R.V.RAO
HOWEVER IF YOU NEED TO FOLLOW DIFFERENT RATES, THERE IS NO BAR BUT YOU NEED TO STATE THE REASON AND THE RATES WHICH YOU WISH TO ADOPT AND METHOD OF DEP. ADOPTED IN NOTES TO ACCOUNTS AND THE STATUTORY AUDITOR ALSO NEEDS TO STATE THE SAME IN HIS REPORT.
R.V.RAO
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