Depreciation on fixed assets as per company act 2013
This query is : Resolved
11 June 2016
Dear Sir,
Please give me depreciation rate as per companies act 2013 for below given assets,
- Computer / Laptop
- EPBAX
- Printer
- Air Conditioner
- Fax Machine
- Furniture & Fixture
- Mobile Phone
Please give me depreciation rate as per companies act 2013 for below given assets,
- Computer / Laptop
- EPBAX
- Printer
- Air Conditioner
- Fax Machine
- Furniture & Fixture
- Mobile Phone
12 June 2016
The companies Act,2013 as per Schedule II specifies useful lives for the purpose of computation of Depreciation, unlike rates prescribed under erstwhile Schedule XIV of Companies Act,1956. Therefore, depreciation now must be charged based on Useful life of an Asset.
Accordingly while estimating the useful life of depreciable asset one must keep in mind the following:
1. Expected physical wear and tear
2. Obsolescence
3. Legal or other limits on the use of the asset
Accordingly while estimating the useful life of depreciable asset one must keep in mind the following:
1. Expected physical wear and tear
2. Obsolescence
3. Legal or other limits on the use of the asset
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