TaxTMI 
TaxTMI 
USEFUL LIVES TO COMPUTE DEPRECIATION
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....ns of paragraph 1,-- (i) In case of such class of companies, as may be prescribed and whose financial statements comply with the accounting standards prescribed for such class of companies under section 133 the useful life of an asset shall not normally be different from the useful life and the residual value shall not be different from that as indicated in Part C, provided that if such a company uses a useful life or residual value which is different from the useful life or residual value indicated therein, it shall disclose the justification for the same. (ii) In respect of other companies the useful life of an asset shall not be longer than the useful life and the residual value shall not be higher than that prescribed in Part C. (iii....
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....a) Plant and Machinery related to production and exhibition of Motion Picture Films 1. Cinematograph films--Machinery used in the production and exhibition of cinematograph films, recording and reproducing equipments, developing machines, printing machines, editing machines, synchronizers and studio lights except bulbs 13 Years 2. Projecting equipment for exhibition of films -do- (b) Plant and Machinery used in glass manufacturing 1. Plant and Machinery except direct fire glass melting furnaces -- Recuperative and regenerative glass melting furnaces 13 Years 2. Plant and Machinery except direct fire glass melting furnaces -- Moulds [NESD] 8 Years 3. Float Glass Melting Furnaces [NESD] 10 Years (c) Plant and Machinery used in m....
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....s (h) Plant and Machinery used in manufacture of non-ferrous metals 1. Metal pot line [NESD] 40 Years 2. Bauxite crushing and grinding section [NESD] -do- 3. Digester Section [NESD] -do- 4. Turbine [NESD] -do- 5. Equipments for Calcination [NESD] -do- 6. Copper Smelter [NESD] -do- 7. Roll Grinder 40 Years 8. Soaking Pit 30 Years 9. Annealing Furnace -do- 10. Rolling Mills -do- 11. Equipments for Scalping, Slitting , etc. [NESD] -do- 12. Surface Miner, Ripper Dozer, etc., used in mines 25 Years 13. Copper refining plant [NESD] -do- (i) Plant and Machinery used in medical and surgical operations [NESD] 1. Electrical Machinery, X-ray and electrotherapeutic apparatus and accessories thereto, medical, diagnostic equi....
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....hose used in a business of running them on hire 8 Years 4. Motor tractors, harvesting combines and heavy vehicles -do- 5. Electrically operated vehicles including battery powered or fuel cell powered vehicles 8 Years VII Ships [NESD] 1. Ocean-going ships (i) Bulk Carriers and liner vessels 25 Years (ii) Crude tankers, product carriers and easy chemical carriers with or without conventional tank coatings. 20 Years (iii) Chemicals and Acid Carriers: (a) With Stainless steel tanks 25 Years (b) With other tanks 20 Years (iv) Liquified gas carriers 30 Years (v) Conventional large passenger vessels which are used for cruise purpose also -do- (vi) Coastal service ships of all categories -do- (vii) Offshore supply and support....
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....sset has been sold, discarded, demolished or destroyed. 3. The following information shall also be disclosed in the accounts, namely:-- (i) depreciation methods used; and (ii) the useful lives of the assets for computing depreciation, if they are different from the life specified in the Schedule. 4. Useful life specified in Part C of the Schedule is for whole of the asset. Where cost of a part of the asset is significant to total cost of the asset and useful life of that part is different from the useful life of the remaining asset, useful life of that significant part shall be determined separately. 5. Depreciable amount is the cost of an asset, or other amount substituted for cost, less its residual value. Ordinarily, the residu....