Amendment to Schedule XIV to the Companies Act,1956 – Changes in Depreciation Rate on Plant and Machinery
Section 641 of the Companies Act, 1956 – Schedules, forms and rules – Power to alter Schedules – Alterations in Schedule XIV
NOTIFICATION [F. NO. 2/6/2008-CL.V], DATED 14-12-2011
In exercise of the powers conferred by sub-section (1) of section 641 of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes the following alterations in the Schedule XIV of the said Act namely :-
In Schedule XIV to the Companies Act, 1956, under the heading “II PLANT AND MACHINERY”, under item (ii) relating to special rates, in sub-item B.7, for the entries, the following entries shall respectively be substituted, namely :-
Schedule XIV
Rates of depreciation
|
Name of assets |
Single Shift |
Double Shift |
Triple Shift |
|||
|
W.D.V. |
S.L.M. |
W.D.V. |
S.L.M. |
W.D.V. |
S.L.M. |
|
|
1 |
2 |
3 |
4 |
5 |
6 |
7 |
|
“7. Mineral oil Concerns Field operations (above ground). Portable boilers, drilling tools, well-head tanks, etc. (NESD) |
30 per cent |
11.31 per cent |
– |
– |
– |
– |
|
7A. Rigs (NESD) |
10 per cent |
3.34 per cent |
– |
– |
– |
– “ |
F : 2/6/2008 CL-V
-sd-
(U C Nahta)
Director (Inspection & Investigation)
Note:- The Principal Schedule was inserted by the Companies Amendment
Act,1988 and subsequently amended by the following notifications, namely :–
(i) GSR 416(E) dated 14-5-1993;
(ii) GSR 756(E) dated 16-12-1993;
(iii) GSR 788(E) dated 04-11-1994;
(iv) GSR 101(E) dated 01-03-1995;
(v) GSR 500(E) dated 18-8-1998;
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