01 September 2017
Yes. If there is a difference in useful life as per schedule II with respect to the depreciation rate so arrived, then the company has to submit a technical report substantiating the useful life taken by it followed by a disclosure mentioning a different useful life against that prescribed in the said schedule.
01 September 2017
Depreciation rate will be based on the balance useful life of the asset, it will not change every year, item wise rate will vary. But for each item the rate will not vary everyyear.
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