Whether Higher rate of Depreciation is available under the Companies Act, on Ocean Going ships / vessels used in multiple shifts
2 Replies
Chintan Vasa
(CA Final Student M.Com)
(1241 Points)
Replied 26 March 2010
Rates are as under as per Schedule XIV of the companies Act
|
1. Ocean-going ships — |
Shifts |
WDV % |
SLM % |
|
Fishing vessels with wooden hull (NESD)
|
Single Shift |
27.05 |
10 |
|
Dredgers, tugs, barges, survey launches and other similar ships used mainly for dredging purposes(NESD)
|
Single Shift |
19.8 |
7 |
|
Other ships (NESD)
|
Single Shift |
14.6 |
5 |
|
2. Vessels ordinarily operating on inland waters — |
|||
|
Speed boats (NESD)
|
Single Shift |
20 |
7.07 |
|
Other vessels (NESD)
|
Single Shift |
10 |
3.34 |
Mehul Jain
(Articles)
(25 Points)
Replied 26 March 2010
No, the benefit of Multiple Shift will not be given to Ship used for more than 1 shift as per the Explanatory Statement by Ministry of Corporate Affairs which specifically marks this assets as No Extra Shift Depreciation & hence the Rate given by Mr. Chintan Vasa is Correct. For any query feel free to raise.
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