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Amendment in schedule II of Companies Act, 2013
September, 10th 2014
       ITO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II,
                           sEcTroN 3, suB-sEcTIoN (Dl
                                          Govenrment oflndia

                                      Ministry of Corporate Affairs
                                                                  New Delhi, dated the 29d August,20l4
                                               Notification

G.S.R.   _(E).-
              In exercise of the powers conferred by sub-section (l) of section 46:- of the
Companies Act, 2013 (18 of 2013), the Central Govemment hereby makes the following
amendments further to amend schedule         II ofthe   said   Act with effect from the date ofpubrication
ofthis notification in the Official Gazette, namely:-

l.    In Schedule II ofthe Companies     Act,20l3,------


(a) in Pan     'A', in paragraph 3, for sub-paragraph (i),          the following sub-paragraph shall be
substituted, namely:-









      "(i) The useful life ofan   asset shall not ondinarily be different   from the useful life specified
      in Part C and the residual value ofan asset shall not be more than five per cent. ofthe original

      cost ofthe asset:


          Provided that where a company adopts a useful life dillerent frorn what is specified in
      Part C or uses a residual value different from the limit specified above, the financial
      statements shall disclose such dillerence and provide justification            in this behalf duly
      supported by technical advice";




(b)   aner Parl 'C', under the heading Nores, --


         (i)    for   paragraph 4 the following paragraph shall be substituted namely:-




               w
           "4(a)    Useful life specified in part   c of the schedule is for whole of the asset and whre
           cost   ofa pad ofthe   asset is significant to total cost   of the      a.sset and   useful life ofthat part
           is differcnt ftom the useful life of the remaining asset, useful life of that significant part
           shall be determined separately.







           (b) The requirement under sub-paragraph (a) shall be voluntary in respect
                                                                                      ofthe financial
           year commencing on or after the 1si April, 2014 and mandatory
                                                                          for financial statements                  in
           respect of financial years commencing on or after the         I
                                                                             sl
                                                                                  Aplil, 2015."

           (c)      in paragraph 7, in sub-paragraph (b) for the words ,,shall be recognized,,, the
           words "may be recognized" shatt be substituted.




                                                                                   File Number I 7/602012-CL-V



                                                                                                re-"I""p1[$,'Jro
                                                              Joint Secretary to the Govemment of India

Note.-    Schedule- U   ofthe Companies Ac! 2013 came into force with effect fiom the ln April, 2014 and
w^as   amended (with effect  fiom l, April, 2014) vide notification number SO 237(E), dared the 31. March,
2014.

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