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    Question

    In case of companies depreciation on assets are

    provided on the basis of -……
    A Life of the asset as given in Schedule IV Correct Answer Incorrect Answer
    B Rate of depreciation as given in Schedule III Correct Answer Incorrect Answer
    C Life of the asset as given in Schedule II Correct Answer Incorrect Answer
    D Rate of depreciation as given in Schedule V Correct Answer Incorrect Answer

    Solution

    In case of companies, depreciation on assets is typically provided based on the useful life of the asset as specified in Schedule II of the Companies Act, 2013, rather than the rate of depreciation.

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