depreciation as per companies act
Fixed Asset Manager
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Fixed Asset Manager

Depreciation as per Companies Act Schedule II.

Description

Automated Fixed Asset Management Utility with calculation of depreciation as per companies act 2013, and Income Tax Act 1961.

Key Features

  • Line wise SLM and WDV Depreciation as per Companies Act 2013,
  • Calculation of Depreciation under the Income Tax Act,
  • Export of Tax Audit Data for Additions and Deletions during the Year,
  • Monthly Depreciation Calculation for MIS,
  • Jan-Dec Depreciation Calculation for Group Reporting by MNCs,
  • Single click change of Financial year,
  • Ready made Schedules for Balance Sheet, and P&L,
  • A simple Copy/Paste is required to Migrate data from Old Fixed Asset Records.

Expert Features

  • Depreciation Calculator for Extra shift Depreciation Charge,
  • Users can customize the Useful life, and can change it to their best estimates,
  • Users can customize the Residual value too,
  • There is Calculation for Profit/loss and Capital gain on sale of Assets.

Knowledge Base

  • Depreciation is systematic allocation of the depreciable amount of an asset over its useful life. Further, Useful life is the period over which an asset is expected to be available for use by an entity.
  • Schedule II to the Companies Act, 2013, specifies useful lives for the purpose of computation of depreciation. Companies can charge depreciation based on the useful life of an asset supported by technical advice, even though such lives are higher or lower than those specified in the said schedule. In view of this, depreciation charged as per the useful life is true commercial depreciation bringing the financial statements prepared accordingly closer to those prepared in accordance with international standards.
  • The Methods of Depreciation available are:
    – Straight Line Method
    – Written Down Value Method
    – Unit of Production Method
  • ICAI Guidance Note on Depreciation Accounting https://resource.cdn.icai.org/41241research31047.pdf

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