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of <h1>Clarification on Depreciation Rules under Companies Act 1956, Amended in 1988: Schedule XIV Rates Effective from April 2, 1987.</h1> The circular provides clarifications on depreciation provisions under the Companies Act, 1956, as amended by the Companies (Amendment) Act, 1988. The amended provisions are effective from April 2, 1987, allowing depreciation based on Schedule XIV for accounting years ending between April 2, 1987, and June 14, 1988. Companies may choose not to recompute the specified period for existing assets using the Straight Line Method (SLM) as per the 1986 circular. Schedule XIV rates are minimum, and higher rates may be applied with proper disclosure. SLM rates must align with Schedule XIV, considering full years for calculation.
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