05 December 2007
I have read and heard that The rates prescribed under India companies act under 1956 for depriciation are bare minimum rates. One can go for higher rates of depriciation also.
Does any conditions are attached in claming higher rates of deprication ?
Is there any case law or judgement of rules which provides for the resonability of higher depriciation?
If reasonable cause is the condition, how a reasonable cause be defined ?
Other attached conditions/informations in this regard.
19 December 2007
your understanding is correct. You can disclose your depreciation policy that is suitable to your assets taking care of the monimum depreciation requirements.
CAclubindia
