My query is Schedule II of Companies Act, 2013 that is for Depreciation has become effective or not? and if applicable and effective, from which year it is to be calculated? for the year 2013-14 or next year 2014-15?? please reply.
Ekta (Practicing CS) (423 Points)
15 March 2014My query is Schedule II of Companies Act, 2013 that is for Depreciation has become effective or not? and if applicable and effective, from which year it is to be calculated? for the year 2013-14 or next year 2014-15?? please reply.
P C Agrawal
(Registered independent director Past Chairman of Aurangabad Chapter of ICSI Practicing Company Secretary at Aurangabad)
(8229 Points)
Replied 16 March 2014
It has not yet come into force. Let us wait for the notifications and clarifications.
Ekta
(Practicing CS)
(423 Points)
Replied 02 April 2014
@ Agrawal Sir,
Now Schedule II of CA, 2013 has been notified, so now for which year depreciation is to be calculated as per Sch. II of CA, 2013?? For F. Y. 2013-14 or F. Y. 2014-15???
P C Agrawal
(Registered independent director Past Chairman of Aurangabad Chapter of ICSI Practicing Company Secretary at Aurangabad)
(8229 Points)
Replied 02 April 2014
Notification is silent on this. Since the accounts will be approved by Board in its meeting on 1.4.2014 or thereafter, it is presumed that it will be applicable for FY 2013-14.
Parthsarthi Patel
(CA)
(98 Points)
Replied 14 April 2014
Dear colleagues,
MCA vide general circular no 8/2014 dt 4/4/14 has notified that CA 2013 will be applicable to the financial year commencing on or after 1/4/14.
So, the new depre rules will also come into effect from that date.
Circluar is attached for your ref
Finance Online
(CA Business)
(41 Points)
Replied 26 December 2014
Here is a fine and exhaustive reading on Depreciation in the new act, covered perfectly by an ACA -
https://financeonline.in/2014/12/24/depreciation-as-per-companies-act-2013/
LIVE Course on Foreign Exchange Management Act (FEMA)(with recording)
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