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What is the Method of Calculating Depreciation as per New Act, And how to start with calculating the Life of expected asset in Block?

Section 134- Financial Statement, Board's report, etc.

Posted By: Vivek vijay 11 year(s) ago

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Expert Ankit Singhi

• According to the schedule the depreciation shall be charged based on the useful life of an asset (prescribed in Part C).The useful life of an asset is the period over which an asset is expected to be available for use by an entity, or the number of production or similar units expected to be obtained from the asset by the entity. • If a company uses a useful life or residual value which is different from the useful life or residual value indicated in Part C of Schedule II, it shall disclose the justification for the same.

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