Depreciation as per companies act
This query is : Open
01 September 2017
Is it necessary to calculate depreciation rate as per Companies Act every year after Financial year 2014-15?
01 September 2017
Yes. If there is a difference in useful life as per schedule II with respect to the depreciation rate so arrived, then the company has to submit a technical report substantiating the useful life taken by it followed by a disclosure mentioning a different useful life against that prescribed in the said schedule.
01 September 2017
Depreciation rate will be based on the balance useful life of the asset, it will not change every year, item wise rate will vary.
But for each item the rate will not vary everyyear.
But for each item the rate will not vary everyyear.
01 September 2017
Should we recalculate depreciation rate for AY 2016-17 or should we continue the same rates calculated for the AY 2015-16?
02 September 2017
if there is no change in balance useful asset ascertained in AY 15-16, then you need not recalculate rates
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