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Schedule XIV Vs Schedule II

Schedule XIV Vs Schedule II

Schedule XIV Vs Schedule II :

.Companies Act,1956 – Sch.XIVCompanies Act,2013- Sch.II
 It deals with only depreciation of tangible assets.It deals with the amortization of intangible assets also.
It contained rates of depreciation of tangible assets.It contains only useful lives of tangible assets and does not prescribe depreciation rates.
100% Depreciation shall be charged on assets whose actual cost does not exceed Rs.5,000/-Omits the provision for 100% Depreciation on immaterial items i.e, assets whose actual cost does not exceed Rs.5,000/-
Extra Shift Depreciation (ESD) not applicable to

  • Items marked NESD in the schedule
  • Specified items of P&M to which general rate of Depreciation was applicable.
Extra Shift Depreciation (ESD) not applicable to

  • Items marked NESD in  the schedule.
  • ESD will apply to P&M items subject to general rate i.e., useful life of 15 years.
ESD for double shift and triple shift was to be made separately in proportion with No.of days for which concern worked second shift or triple shift bears to normal No.of working days in a year.For Seasonal factory:Greater of actuals and 180 days.Other cases:Greater of actual and 240 days.ESD working simplified by the 2013 act-
For Double shift:
50% more depreciation for that period for which asset used.
For Triple shift:
100% more depreciation for that period for which asset used.

Schedule XIV Vs Schedule II

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Schedule XIV Vs Schedule II

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