Depriciation as per companies act 2013

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CA Ankit Bhutoria (Querist)
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16 September 2014 As per the new Companies Act 2013 the depreciation will be ca calculated as per the useful life of the assest.

How will a company which do not maintain the Fixed Asset Register know the useful life as it does not have either the purchase date & also the Put to use date ....

Nikhil Kaushik

Nikhil Kaushik (Expert)
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16 September 2014 dear Ankit,

not maintaining fixed asset register itself is a violation of companies act and auditor should qualify the report to that extent.

not maintaining proper records is no ground for claiming inability to compute useful life.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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16 September 2014 Entry for Acquisition of Assets must have been passed in the books. You can get the date from there.

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