Depreciation companies act 2013

Depreciation should be calculated as per companies act only, while preparing final a/c. Schedule 2 of Companies Act, 2013 prescribes minimum rates of depreciation. Hence, using the rates of depreciation below such prescribed rates do not represent true & fair view. However, rates as per income tax act may be used in final a/c too provided they are higher than the rates specified in Schedule 2.