One asset register in. Two statutory schedules out — Companies Act and Income Tax Act — with the pro-rata and half-rate rules already applied.
Most depreciation errors are not arithmetic errors. They come from running one schedule when you need two, from getting pro-rata wrong on mid-year additions, and from a fixed asset register that has drifted away from the ledger. Finatica computes both statutory schedules from a single asset register so the difference between them is deliberate, not accidental.
Schedule II useful lives and Income Tax block rates computed from the same register, so the deferred tax difference falls out of the working instead of being reverse-engineered.
Mid-year additions and disposals are proportioned by date under the Companies Act and tested against the 180-day put-to-use rule under the Income Tax Act — automatically.
Opening WDV, additions, deletions, charge for the year and closing WDV per asset, exportable to Excel and traceable line by line.
Run both methods on the same asset base to see the impact on the current year charge before you commit to a policy.
An Indian company with a March year end needs its fixed asset note to follow Schedule II of the Companies Act 2013, and its tax computation to follow section 32 of the Income Tax Act 1961. Those two frameworks disagree on almost everything that matters: the unit of account, the rate, the method, and the treatment of assets bought part way through the year. Maintaining them in two separate spreadsheets is how registers drift apart — and drift is what an auditor finds. Finatica keeps a single asset register as the source of truth and derives both schedules from it.
You upload a fixed asset register — asset description, category, date of purchase or date ready for use, cost, any residual value, and date of disposal where applicable. Finatica classifies each asset, applies the rate or useful life you have selected, and returns a full movement schedule for the period.
Manual depreciation workings fail in predictable ways, and every one of them is a review point. Automating the mechanical part means the reviewer spends their time on policy and estimate rather than on re-adding columns.
Four steps from a spreadsheet of assets to a schedule you can attach to the file.
The Companies Act 2013 works from the useful life of each individual asset (Schedule II) and allows either the Straight Line Method or the Written Down Value method, with depreciation charged pro-rata from the date the asset is ready for use. The Income Tax Act 1961 works from blocks of assets at prescribed WDV rates, ignores individual asset identity within a block, and applies a half-rate rule to assets put to use for less than 180 days in the year. The two schedules will not agree, and the gap is what drives your deferred tax working.
Neither is universally better — they answer different questions. Straight Line spreads cost evenly and makes period-on-period comparison clean, which suits assets that deliver value steadily such as buildings and furniture. WDV front-loads the charge, which better matches assets that lose value fastest early on and that carry rising maintenance cost later, such as vehicles and IT equipment. For income tax purposes in India the choice is generally made for you: block-of-assets WDV.
Under the Companies Act, depreciation is charged pro-rata from the date the asset is available for use, so an asset ready in October carries roughly half a year of charge. Under the Income Tax Act the test is different: if the asset was put to use for fewer than 180 days in the previous year, only half of the normal block rate applies for that year, with no finer proportioning. Finatica applies both rules automatically from the date fields in your register.
Yes. The output downloads as an Excel workbook with opening WDV, additions, deletions, the depreciation charge and closing WDV per asset, so it can be tied directly to the fixed asset note in the financial statements.
The calculator can be used without a paid plan. Creating a free account raises upload limits and lets you save schedules across periods so opening WDV carries forward instead of being re-entered each year.