If the useful life of a tangible or intangible fixed asset is less than 12 months, it will fall under which of the following head as per the Schedule III of Companies Act 2013?

Non Current Assets

The correct answer is option 1- Non Current Assets.

There is no change in the treatment of fixed assets as per Schedule III of the Companies Act 2013 and both tangible and intangible assets are treated as non-current. It may also be noted that if the asset's useful life is less than 12 months, it will still fall under non-current.