genre: Company Law
What Company Should Do For Claiming Higher Depreciation Under The Companies Act?
Note no. 3(i) of Part ‘A’ of Schedule II of the Act, provides as under: “The useful life of an asset shall not be longer than the useful life specified in Part ‘C’ and the residual value of an asset shall not be more than five per cent of the original cost of the asset.
What Is The Reporting Responsibility Of The Auditor Of Company Has Not Complied With Law Of Deposit?
The MCA has issued Companies (Auditor’s Report) Order, 2015 and notified on April 10, 2015 and it is applicable since then. Clause (v) of the said report requires an auditor to report:
Can Retiring Auditor Be Reappointed?
First of all, a notice sent by a member under section. 190 of the Companies Act was not proper. A special notice under section 225 of the Companies Act ought to have been served for a resolution that an ensuing general meeting a person other than retiring auditor should be appointed.
Explain Depreciation Provisions Of S. 123 Of The Companies Act 2013?
(i) As per schedule II of Companies Act, 2013, in case of prescribed class of companies, whose financial statements comply with Accounting Standards prescribed for such class of companies under section 133 of the Act, can have different useful life and residual value other than indicated in Part C of Schedule II of the Act, on disclosure of justification for the same i.e.
Whether S. 115JB Is Applicable If Amount Is Directly Credited To Capital Reserve Account?
From the query it is not clear what type of a capital asset has been transferred and directly credited to capital reserve account. The cardinal principle has been propounded by the Supreme Court in Apollo Tyres Ltd. vs. CIT [255 ITR 273], while deciding the matter under Section 115J of the Income-tax Act, 1961 which was precursor to
Can Depreciation As Per Companies Act Be Based On Useful Life Of Asset?