Effect of depreciation according to co.act 2013
This query is : Resolved
28 July 2014
SUPPOSE IN LAST YEAR A NEW PLANT IS SET UP ND HIS MACHINERY WERE RS.50 LACS AND NOW WHAT IS THE TREATMENT OF FIXED ASSET IN THIS YEAR ACCORDING TO NEW ACT AND PLEASE ALSO SEND ME THE FULL DETAIL ABOUT IT .
Vishnu Saboo
(Expert)
28 July 2014
as per earlier provision, dep rate was 4.75% in case if single shift in plant & machinery.
as per revised company act2013, it is 15 year of useful life, so rate of dep is 6.33% in single shift.
you capitalized the plant in last year, so calculate the useful life remained of ur P&M as on 01.04.2014. accordingly calculate the depreciation.
as per revised company act2013, it is 15 year of useful life, so rate of dep is 6.33% in single shift.
you capitalized the plant in last year, so calculate the useful life remained of ur P&M as on 01.04.2014. accordingly calculate the depreciation.
31 July 2014
means depreciation is to be calculated on 14 years of remaining life
31 July 2014
and one more thing if a machinery is depreciated for last 15 year and still in block then what is the treatment in this year
Vishnu Saboo
(Expert)
31 July 2014
yes, 14 year + if month also yet there.
if a machine already completed life of 15 years and still in block due to old dep method, then the rest amount excluding residual value to be trf to P&L.
if a machine already completed life of 15 years and still in block due to old dep method, then the rest amount excluding residual value to be trf to P&L.
Vishnu Saboo
(Expert)
31 July 2014
yes, 14 year + if month also yet there.
if a machine already completed life of 15 years and still in block due to old dep method, then the rest amount excluding residual value to be trf to P&L.
if a machine already completed life of 15 years and still in block due to old dep method, then the rest amount excluding residual value to be trf to P&L.
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