Amendment to Schedule XIV to the Companies Act, 1956.

Posted: 12/01/2012 in Company, Depreciation, MCA, Schedule XIV

[PUBLISHED IN THE GAZETTE OF INDIA, PART – II, SECTION 3, SUBSECTION (i) EXTRAORDINARY]

GOVERNMENT OF INDIA, MINISTRY OF CORPORATE AFFAIRS, NEW DELHI

Notification- F: 2/6/2008 CL-V, dated 14.12.2011

 G.S.R. (E) – In exercise of the powers conferred by sub-section (1) of section 641 of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes the following alterations in the Schedule XIV of the said Act namely:–

In Schedule XIV to the Companies Act, 1956, under the heading “II PLANT AND MACHINERY”, under item (ii) relating to special rates, in sub-item B.7, for the entries, the following entries shall respectively be substituted, namely :–

Schedule XIV

Rates of depreciation

Name of assets

Single Shift

Double Shift

Triple Shift

W.D.V.

S.L.M.

W.D.V.

S.L.M.

W.D.V.

S.L.M.

1

2

3

4

5

6

7

“7. Mineral oil Concerns Field Operations(above ground) Portable boilers, drilling tools, well-head tanks, etc. (NESD)

30 percent

11.31 percent

7A. Rigs (NESD)

10 percent

 3.34 percent  —  —

 Note: – The Principal Schedule was inserted by the Companies Amendment Act, 1988 and subsequently amended by the following notifications, namely:–

(i) GSR 416(E) dated 14-5-1993;

(ii) GSR 756(E) dated 16-12-1993;

(iii) GSR 788(E) dated 04-11-1994;

(iv) GSR 101(E) dated 01-03-1995;

(v) GSR 500(E) dated 18-8-1998;

Click here to download the above Notification- G.S.R. (E). Dated 14.12.2011

Source: Ministry of Corporate Affairs.

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