Section: Schedule II
Companies Act , 2013 -Depreciation
Querist should obtain technical evaluation report for claiming higher depreciation i.e. claiming useful life less than Schedule II of the Act.
What Company Should Do For Claiming Higher Depreciation Under The Companies Act?
Note no. 3(i) of Part ‘A’ of Schedule II of the Act, provides as under: “The useful life of an asset shall not be longer than the useful life specified in Part ‘C’ and the residual value of an asset shall not be more than five per cent of the original cost of the asset.