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Depreciation as per schedule 2
does it is mandatory to calculate depreciation as per company act 2013 or company can calculate in their own method?
Replies (6)
Quick Summary
There are many softwares. Input of necessary data can automatically prepare fa schedule.
Im working on tally right now, but have to pass F7 journal still.
In tally also detailed fa schedule can be keyed in.
My question is whether it is mandatory to follow the rate given in the schedule 2 ?
Yes it is manfatory
It is mandatory, however if the useful life of asset is different from the one mentioned in Schedule II, that need to be justified and documented with a technical reason.
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