Depreciation under new schedule ii
This query is : Resolved
29 May 2015
Hello Sir/Mam
I need a clarification on Schedule II depreciation rates.
For a company which was formed only in 2014,can I divide the cost of the asset by the useful life prescribed under the new schedule for arriving at the depreciation?
Or am i supposed to use the formula ((1-(residual value/WDV)^(1/remaining useful life))*100%
I need a clarification on Schedule II depreciation rates.
For a company which was formed only in 2014,can I divide the cost of the asset by the useful life prescribed under the new schedule for arriving at the depreciation?
Or am i supposed to use the formula ((1-(residual value/WDV)^(1/remaining useful life))*100%
29 May 2015
u can divide the cost of asset by the useful life of asset as per sch2
29 May 2015
you are welcome sanjana.........
29 May 2015
I need clarification on the residual value also sir...r we reqd to maintain a residual value compulsorily at 5%
29 May 2015
New act prescribed the residual value to be 5% of cost of asset, in older schedule there is no such prescription as but rates given by schedule are worked out by considering the 5% residual value.
additionally refer guidance note issued by icai on sch II dep
additionally refer guidance note issued by icai on sch II dep
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