Question

depreciation rate on office equipment as per companies act 2013

Answer 1

Office equipment is defined as the asset which is used for the company's operating functions. It includes computers, chairs, desks and light fixtures. ... According to the Companies Act 2013 office equipmentincludes cash, machinery, equipment, property, plant and anything which has a long term 


As per companies Act 2013 Depreciation has to be calculated on the basis of useful Lives of Assets Instead of rates of Depreciation as specified in Companies Act 1956. In old Act, assets were grouped according to the rates prescribed, in new Act, the assets have been grouped according to its nature and industry.