Depreciation on fixed asset

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

24 May 2014 SIR,
I HAVE GONE THROUGH THE ANNUAL REPORT OF RELIANCE INDUSTRIES LIMITED FOR THE F.Y.2013-14
SIR AS PER NOTES TO ACCOUNTS DEPRECIATION ON FIXED ASSET HAVE BEEN PROVIDED AT THE RATES MENTIONED IN SCHEDULE XIV OF THE COMPANIES ACT 1956
SIR WHY DEPRECIATION HAS NOT BEEN CHARGED AT THE RATES MENTIONED IN SCHEDULE II OF THE COMPANIES ACT 2013
SIR PLEASE GUIDE ME

Ashutosh

Ashutosh (Expert)
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24 May 2014 It's as per law of the land.
Check Ministry of Corporate Affairs requirequirements. http://www.mca.gov.in/Ministry/latestnews/Explanatory_Statement_alongwith_Schedule_XIV_4dec2008.pdf

Querist : Anonymous

Querist : Anonymous (Querist)

26 May 2014 SIR,
FOR THE F.Y. 2013-14 DEPRECIATION SHOULD BE CHARGED AS PER SCHEDULE II OF THE COMPANIES ACT 2013 INSTEAD OF SCHEDULE XIV OF THE COMPANIES ACT 1956

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