Depreciation as per co. act 2013

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

06 May 2015 is the same rate of depreciation charged on remaining life of assets which we will calculated in this f.y 2014-15 on old assets?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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06 May 2015 The crux is that you need to depreciate the assets fully over the remaining useful life of the asset. So if the rate is derived in such a way that the asset will be fully depreciated over the remaining useful life then the same rate will be used till the asset is fully depreciated.