SLM and WDV Depreciation calculator as per Companies Act, and Income Tax Act. Also helpful in managing Fixed Assets.
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Line wise SLM and WDV depreciation calculator as per Companies Act 2013, Blockwise WDV Depreciation Calculator as per Income Tax Act 1961.
Monthly Calculation of Depreciation for MIS Reporting, Jan-Dec Calculation for Group Reporting by MNCs.
Single click change of Financial year and Depreciation Calculation.
Copy/Paste to Migrate data from Old Fixed Asset Records and set the Migration Date.
Export of Tax Audit Data for Additions and Deletions during the Year along with assets put to use for more than 180 days and less than 180 days.
Export of all Fixed asset data in a single sheet to share with other users.
Direct Import of Fixed Assets Additions and Balances from Tally Prime & ERP 9.
Calculation of Profit/loss and Capital gain on Sale of Assets. Calculation of Extra shift Charge.
Customisation of Useful life and Residual value to best estimates.
Ready-made Schedules for Balance Sheet and P&L.
Frequently asked questions
Depreciation as per Companies Act is the systematic allocation of the depreciable amount of an asset over its useful life. There are four inputs required to calculate depreciation – Useful life, Residual value, Depreciable Amount, Ready to use Date.
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 this purpose. Calculation as per the useful life is true commercial depreciation bringing the financial statements prepared according to international standards.
Users can make calculations of depreciation as per the Companies act based on an asset’s useful life supported by technical advice, even though such lives are higher or lower than those specified in the said schedule.
The Methods of calculation of depreciation as per companies act are:
Straight Line Method – The asset is depreciated equally every year over the asset’s useful life as a percentage of the Initial Cost. Depreciation is calculated for a year and proportionately adjusted if used for less than a year.
Written Down Value Method – The method distributes the asset depreciation unevenly throughout its life. It books higher expenses in the early years as assets have higher productivity and carrying value in earlier years instead of the later years of their lives.
Unit of Production Method – The depreciation on an asset can be provided, where appropriate, based on the units expected to be obtained from the use of the asset. The calculation is based on the output capacity of the asset rather than the number of years.