There are two approaches of depreciation, one led by the Companies Act, 2013 and the other by the Income Tax Act, 1961.

The Income tax act has prescribed rates for various blocks of assets (category of assets). You can claim the depreciation there and the same will be allowed as expenses for the year for Income Tax purposes.

As regards the Companies Act, there is no fixed rate for assets defined, and no particular method (straight line or diminishing value). So, you can claim as much depreciation as is necessary, however, the so decided amount of depreciation may not be allowed for income tax purposes.

So, it is recommended to follow the approach of Income tax act. That will prevent you from having to calculate depreciation twice, even if it may show a less rational view of the status of your assets.