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of <h1>India Amends Companies Act: New Asset Life Limits and Residual Value Rules Effective April 2014.</h1> The Central Government of India has amended Schedule II of the Companies Act, 2013, effective April 1, 2014. The amendments specify that the useful life of an asset should not exceed the limits in Part 'C', and the residual value should not exceed 5% of the original cost, unless justified in financial statements. For intangible assets, standard accounting practices apply, with specific provisions for toll roads under public-private partnerships. Amortization for such assets is calculated based on actual and projected revenues over the concession period. Additionally, the useful life of continuous process plants is set at 25 years, and certain notes have been omitted.
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