Fixed asset by class report

A report of fixed assets is required. The report must be grouped by class and include opening WDV (net value), additions, disposals, depreciation, rate of depreciation, and closing WDV (net value).

India specifics

Businesses in India, under the Income Tax Act, must compute depreciation using the Written Down Value method. The depreciation percentage must be applied on the Block of Assets and no depreciation can be claimed on individual assets.

Fixed Assets Reports:

  • Income Tax Fixed Assets Schedule content:
    1. Financial Year Start Date
    2. Serial Number for the Block of Assets to be reported
    3. Block of Assets Type
    4. Period
    5. Opening WDV at start date of a financial year by block
    6. Addition during the year by block
    7. Deletions and Sales in the year by block
    8. Total of WDV balance for a block before applying depreciation
    9. Rate of Depreciation for a block
    10. Depreciation value for the year by block
    11. Closing WDV at end date of a financial year by block
  • India Depreciation Detail Report content:
    1. Start Date of Financial year
    2. End Date of Financial year
    3. Detail or summary
    4. Block of Assets name
    5. Period
    6. Opening WDV at start date of a financial year
    7. Addition during the year
    8. Asset numbers added to a block during the financial year
    9. Deletion and Sales in the year
    10. Total of WDV balance
    11. Rate of Depreciation
    12. Closing WDV as on end date of a financial year

How Infor meets the requirement

FSM contains all of the required fields. Users can customize a search form to obtain these details.