Dep rates in sch.2 of co.act 13 -query

CA Parul Saxena (CA) (8439 Points)

13 March 2015  

In file section there are various files which have mentioned rates as per SLM and WDV according to useful life. But how this rates can be applied if we are using assets for earlier years also??

My query is how to apply transitional provisions in case of SLM and WDV method??

I have a building purchased in 2000 for Rs. 1000000

WDV as on 01.04.14 is Rs.700000

Useful life is 30 years out of which 13 years have been elapsed.

rate given in chart is 3.17% if useful life is 30 years as per SLM.

Please explain whether i can apply 3.17% rate for depreciating the asset???