TaxTMI 
TaxTMI 
See section 123
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....ial statements shall disclose such difference and provide justification in this behalf duly supported by technical advice;] (ii) ^7[For intangible assets, the relevant Indian Accounting Standards (Ind AS) shall apply. Where a company is not required to comply with the Indian Accounting Standards (Ind AS), it shall comply with relevant Accounting Standards under Companies (Accounting Standards) Rules, 2006], except in case of intangible assets (Toll Roads) created under 'Build, Operate and Transfer', 'Build, Own, Operate and Transfer' or any other form of public private partnership route in case of road projects. Amortisation in such cases may be done as follows:- (a) Mode of amortisation Amortisation Rate = Amortisation Amount -------------------------------------- x 100 Cost of Intangible Assets (A) Amortisation Amount = Cost of Intangible Assets (A) x Actual Revenue for the year (B) --------------------------------------------------------- Projected Revenue from Intangible Asset (till the end of the concession period) (C) (b) Meaning of particulars are as follows :....
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.... specific asset, as notified for accounting purposes by a Regulatory Authority constituted under an Act of Parliament or by the Central Government shall be applied in calculating the depreciation to be provided for such asset irrespective of the requirements of this Schedule. PART 'C' 5. Subject to Parts A and B above, the following are the useful lives of various tangible assets: Nature of assets Useful Life I. Buildings [NESD] (a) Buildings (other than factory buildings) RCC Frame Structure 60 Years (b) Buildings (other than factory buildings) other than RCC Frame Structure 30 Years (c) Factory buildings -do- (d) Fences, wells, tube wells 5 Years (e) Others (including temporary structure, etc.) 3 Years II. Bridges, culverts, bunders, etc. [NESD] 30 Years III. Roads [NESD] (a) Carpeted roads (i) Carpeted Roads-RCC 10 Years (ii) Carpeted Roads-other than RCC 5 Years (b) Non-carpeted roads 3 Years IV. Plant and Machinery (i) General rate applicable to plant and machinery not covered under special plant and machinery ....
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....ned Cycle Power Generation Plant 40 Years 2. Hydro Power Generation Plant -do- 3. Nuclear Power Generation Plant -do- 4. Transmission lines, cables and other network assets -do- 5. Wind Power Generation Plant 22 Years 6. Electric Distribution Plant 35 Years 7. Gas Storage and Distribution Plant 30 Years 8. Water Distribution Plant including pipelines -do- (g) Plant and Machinery used in manufacture of steel 1. Sinter Plant 20 Years 2. Blast Furnace -do- 3. Coke ovens -do- 4. Rolling mill in steel plant -do- 5. Basic oxygen Furnace Converter 25 Years (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 Furnac....
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....icles 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 vessels 20 Years (viii) Catamarans and other high speed passenger for ships or boats -do- (ix) Drill ships 25 Years (x) Hovercrafts 15 Years (xi) Fishing vessels with wooden hull 10 Years (xii) Dredgers, tugs, barges, survey launches and other similar ships used mainly for dredging purposes 14 Years 2. Vessels ordinarily operating on inland waters- (i) Speed boats 13 Years (ii) Other vessels 28 Years VIII. Aircraf....
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....iation will increase by 50% for that period and in case of the triple shift the depreciation shall be calculated on the basis of 100% for that period. 7. From the date this Schedule comes into effect, the carrying amount of the asset as on that date- (a) shall be depreciated over the remaining useful life of the asset as per this Schedule; (b) after retaining the residual value, ^6[may be recognized] in the opening balance of retained earnings where the remaining useful life of an asset is nil. 8. "Continuous process plant" means a plant which is required and designed to operate for twenty-four hours a day. ************** NOTES:- 1. Substituted vide Notification No. G.S.R. 237 (E) dated 31-03-2014 w.e.f. 01-04-2014 before it was read as, "(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 compa....