Company Law : Learn how to calculate depreciation as per Companies Act, 2013. Understand the formula and useful life for accurate depreciation c...
CA, CS, CMA : Depreciation as per written down value method (WDV) has been under the spotlight after the introduction of the Companies Act, 2013...
Company Law, Income Tax : Some Key Features of Depreciation cum Asset Management Utility in Excel Format are as follows:- Line wise SLM and WDV Depreci...
Income Tax : The Calculator is in Excel Format and it helps in Calculating depreciation as per Rates Prescribed under Rule 5 of Income Tax Rule...
Company Law : The Companies Act, 2013 requires companies to compute the depreciation in accordance with the Schedule II to the Companies Act whi...
Company Law : Key Features of Fixed Asset Management Tool with Depreciation Calculator for Companies ♦ Line wise SLM and WDV Depreciation as p...
Income Tax : whether the non-filing of prescribed Form No.62 for the third Assessment Year is restrict the Assessee to carry forward losses und...
Income Tax : The issue under consideration is whether the depreciation at the rate of 60% will be allowed for computer related software?...
Income Tax : Whether CIT is correct in allowing expenditure on advertisement & sales promotion of product & brand promotion by considering it a...
Income Tax : High Court states that so long as functions of the computers are performed with other functions and other functions are dependant ...
Income Tax : The issue under consideration is whether the assessee is correct in claiming depreciation on customer list and goodwill by conside...
The major features of this free utility includes: (version 1.5) 1. Auto calculation of itemized depreciation for New Assets as per Schedule II and subsequent years’ depreciation on itemized assets. 2. Calculation of tentative date of addition for additions made before 31st March 2014.
Depreciation is the systematic allocation of the depreciable amount of an asset over its useful life. The depreciable amount of an asset is the cost of an asset or other amount substituted for cost, less its residual value. The useful life of an asset is the period over which an asset is expected to be available for use by an entity.
Depreciation @ 100% on Assets having cost upto Rs. 5000 – Such provision has been deleted in Companies Act 2013. But as per Application Guide issued by ICAI, a company may have a policy to depreciation @ 100% some assets having immaterial cost. Therefore if a company follow a policy to depreciate @ 100% assets upto say Rs. 2000 or Rs. 5000, then it will be legal.
i) Comparison of depreciation as per Schedule II of CA, 2013 and Schedule XIV of CA, 1956 ii) Transitional effect of Schedule II iii) Depreciation Rate year wise based on the useful life/balance useful life. Companies Act 2013 has brought a lot of challenges for all companies, more for the private companies. There are certain provisions of the Companies Act, 2013, which will affect all the companies right from day one i.e. 1st April, 2014.
Following are the steps for the calculation of Depreciation on existing Asset: 1. Find out useful life as per new schedule 2. Calculate already expired useful life 3. Difference of above two 4. Take Residual life at 5% of historical cost or as per management estimate (For value exceeding 5 % technical justification is required.)
