Question

The useful life specified in Part C of Schedule II of the Companies Act, $2013$ for Continuous Process Plant and Machinery is ____ years.

• A. $15$
• B. $10$
• C. $5$
• D. $8$

Answer 1

The correct option is D $8$

• Companies Act, 2013 specified useful life to compute depreciation under schedule II in part A, part B and part C for assets
  
• As per point IV. (Plant and Machinery) of part C of schedule II, plant and machinery divided into two parts:
  

(i) General rate applicable to plant and machinery not covered under special plant and machinery

(a) Plant and Machinery other than continuous process plant not covered under specific industries: 15 years

(b) Continuous process plant for which no special rate has been prescribed under (ii) below [NESD]: 8 years

(ii) Special Plant and Machinery