Question

Provisions regarding Depreciation as per Companies Act, $2013$ is applicable from _________.

• A. $1stApril,2015$
• B. $1stJanuary,2014$
• C. $1stApril,2014$
• D. $1stApril,2013$

Answer 1

Answer: (C)

$1stApril,2014$

Provisions relating to depreciation as per companies Act 2013 are applicable from 1st April, 2014. Provision for depreciation falls under schedule II of the companies act. Schedule II of the companies act 2013 states the useful life of the asset and the maximum rate to be charged as depreciation for the asset.