Useful life
This query is : Resolved
03 September 2018
what is the useful life in years for a newly purchased bicycle the company follows straight line method of depreciation
in Schedule II
in Schedule II
Gokul Sharma
(Expert)
03 September 2018
https://taxadda.com/depreciation-rates-as-per-companies-act-2013/
10 years SLM RATE 9.5%
10 years SLM RATE 9.5%
03 September 2018
whether this falls under motor cycles, scooters and other mopeds?
Gokul Sharma
(Expert)
04 September 2018
purchase price ?????????????????????
02 August 2025
No, a **bicycle** is not classified under "motor cycles, scooters and other mopeds" because it is a non-motorized vehicle.
As per **Schedule II of the Companies Act, 2013**, the useful life for a **bicycle** is generally **5 years** with the **Straight Line Method (SLM)** applied.
To summarize:
| Asset | Useful Life (Years) | Depreciation Rate (SLM) |
| ------------------------------ | ------------------- | ----------------------- |
| Bicycle | 5 | 20% |
| Motor cycles, scooters, mopeds | 10 | 9.5% |
So for your **newly purchased bicycle**, use **5 years** as the useful life and depreciate accordingly.
If you want, I can help calculate depreciation for the asset.
As per **Schedule II of the Companies Act, 2013**, the useful life for a **bicycle** is generally **5 years** with the **Straight Line Method (SLM)** applied.
To summarize:
| Asset | Useful Life (Years) | Depreciation Rate (SLM) |
| ------------------------------ | ------------------- | ----------------------- |
| Bicycle | 5 | 20% |
| Motor cycles, scooters, mopeds | 10 | 9.5% |
So for your **newly purchased bicycle**, use **5 years** as the useful life and depreciate accordingly.
If you want, I can help calculate depreciation for the asset.
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