Depreciation rates
This query is : Resolved
11 September 2014
For the Audit finalization of F.y 2013-14, Please clarify whether Depreciation rates for Pvt.Ltd company as per Companies Act 1956 is to be adopted or Companies Act 2013. Depreciation rates as per Companies 2013 is effective from 01/04/2014. therefore for F.Y 2013-14, Depreciation is to be provided at rates prescribed in Companies Act 1956. please confirm my assumption is correct or not.
12 September 2014
Yes you are correct. For FY 2013-14 depreciation will be applicable as per Companies Act 1956.
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