https://www.taxtmi.com/notifications?id=116620 Amendment to Schedule II limits asset useful life to the lives specified in Part 'C' and residual value to no more than five percent of original cost, requiring disclosure where companies use different estimates. Intangible assets generally follow applicable accounting standards, but toll road concession intangibles may be amortised by allocating cost over projected concession revenues using the formula: Amortisation Amount = Cost x (Actual Revenue for the Year / Projected Revenue over Concession), with annual review and adjustment of projections so cost is fully amortised over the concession. Part 'C' also prescribes 25 years for continuous process plants where no special rate applies. en-us Mon, 31 Mar 2014 00:00:00 +0530 Fri, 18 Nov 2016 17:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/notifications?id=116620 Amendment to Schedule II limits asset useful life to the lives specified in Part 'C' and residual value to no more than five percent of original cost, requiring disclosure where companies use different estimates. Intangible assets generally follow applicable accounting standards, but toll road concession intangibles may be amortised by allocating cost over projected concession revenues using the formula: Amortisation Amount = Cost x (Actual Revenue for the Year / Projected Revenue over Concession), with annual review and adjustment of projections so cost is fully amortised over the concession. Part 'C' also prescribes 25 years for continuous process plants where no special rate applies. Notifications Companies Law Mon, 31 Mar 2014 00:00:00 +0530 https://www.taxtmi.com/notifications?id=116620