Employed
139 Points
Joined November 2010
HIGHER RATE OF DEPRICAIATION AS COMPARED TO SCH XIV CAN BE CLAIMED
provided the following points should be considered :
1 sch xiv provides minimum rate of depriciation and not maximum rate
2 if mangement uses any other rate than as prescribed under sch XIV then it should have reasons to belief that using such higher rate is resulting into better presentation of Fiinancial Statements
3 such special rates should be disclosed in the notes for the readers of the statements
4 such facts should be disclosed to the statutory auditor at the time of audit of the accounts of the company