Schedule ii

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

28 June 2015 Dear Sir,

My query is regarding to schedule II of companies Act 2013.How to give effect as per schedule II on computer purchased on 16/08/2011 as computer is having useful life of 3 years as per schedule II which is expiring in the very first year of application of schedule II?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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28 June 2015 You will need to depreciate the computer fully in FY 2014-15 after keeping the scrap value which shall not be more than 5% of the Cost of Acquisition.