Fixed Asset Register (Schedule II and Tax Depreciation)

About the Fixed Asset Register (Schedule II and Tax Depreciation)

A fixed asset register lists every asset a business owns — what it cost, when it was put to use, how much has been written off and what is left — and is the base for the depreciation in the accounts and in the tax return. This tool keeps one for up to ten financial years:

• Book depreciation under Schedule II to the Companies Act, 2013: straight line or written-down value over each asset’s useful life, pro rata by days in the year it is bought or sold, never below the residual value, with the profit or loss on each sale;
• Income-tax depreciation on each block of assets at the rates of Appendix I to the Income-tax Rules, 2026, with half the rate for additions used for less than 180 days in the year;
• the timing difference between the two and the deferred tax on it, the PPE note in the Schedule III layout, and depreciation by year for CMA data and project reports.

Type the assets, or import your list from Excel or CSV. Without a pass the register and its schedules are a free preview, with the figures after the first rows of each hidden, and the year totals of deferred tax and depreciation by year hidden in full; a Premium pass downloads them as an Excel workbook (with live formulas) or a PDF. Everything stays in your browser.

Common uses

• Prepare the depreciation schedule and the PPE note for the year’s accounts or the tax audit.
• Keep book and income-tax depreciation side by side and work out the deferred tax on the difference.
• Work out the profit or loss on an asset sold or scrapped, and its effect on the income-tax block.
• Give the book depreciation of past and future years to a CMA data or project report.

Book depreciation under Schedule II

Schedule II defines depreciation as the systematic allocation of the depreciable amount — cost less residual value — over the useful life. Part C lists the useful lives (15 years for general plant and machinery, 10 for furniture and fittings, 8 for cars and lorries not run on hire, 3 for laptops and desktops, and so on); the residual value is ordinarily no more than 5% of the original cost, and a company that uses a different life or residual value must disclose it and justify it with technical advice.

• Straight line (SLM): (cost − residual value) ÷ useful life, every year.
• Written-down value (WDV): opening book value × r, where r = 1 − (residual value ÷ cost)^(1 ÷ useful life), the rate that brings the asset down to its residual value at the end of its life.

Note 2 to Schedule II puts additions and disposals on a pro rata basis: from the date of the addition, or up to the date of the sale. The register counts the days the asset was in use in the year (from the day it was put to use to the day before it was sold) over the days in the year, and stops at the residual value.

Income-tax depreciation by block

For income tax, assets are pooled in blocks: a class of assets (buildings, furniture and fittings, machinery and plant, ships, intangible assets) with the same rate. The register keeps them as the depreciation schedules of the return (DPM and DOA) do — furniture and office buildings at 10% are two blocks, while plant and motor cars at 15% are one. Rule 25 and Appendix I of the Income-tax Rules, 2026 give the rate on the written-down value of each block, under section 33 of the Income-tax Act, 2025 (for years before 2026-27, section 32 of the 1961 Act).

Each year: opening WDV + additions − sale proceeds of assets sold = WDV before depreciation. Additions put to use for less than 180 days in the year get half the rate. If the sale proceeds exceed the block, the excess is a short-term capital gain and the block becomes nil; if every asset of a block is sold, the block ceases and the difference is a short-term capital gain or loss — the register flags this so you can adjust it in the tax computation.

Persons in the default regime of section 202(1), and companies and co-operative societies on the concessional rates, are limited to 40% by rule 25(2): tick Cap income-tax rates at 40%.

Timing difference, deferred tax and the PPE note

Book and tax depreciation differ, so the book value of the assets in the blocks and their tax WDV drift apart. The difference is a timing difference (AS 22) or a temporary difference (Ind AS 12): book value above the tax WDV means a deferred tax liability, below it a deferred tax asset, at the rate you enter. The deferred tax table shows the balance at each year end and the charge or credit for the year. Land is left out, as it is not depreciated in either set of books.

The PPE note follows Schedule III, Division I: the classes it names (land, buildings, plant and equipment, furniture and fixtures, vehicles, office equipment, others) as columns, and the reconciliation of the gross block, depreciation and net block from the start to the end of the year. With a pass, download the PPE note file to bring the note into the Schedule III financial statements, or Copy depreciation by year to paste the book depreciation into a CMA or project report.

Importing your asset list

Any Excel, ODS or CSV file with a heading row can be read; the columns are matched by name: Description and Cost are required, and Asset code, Class, Useful life, Method, Income-tax rate, Put to use on, Residual value (%), Depreciation to date, Disposed on and Sale proceeds are read when present. Dates can be 2025-06-15 or 15/06/2025. Rows that cannot be read are listed with the reason, and the rest are added to the register. The template has the headings and three sample rows; the imported rows use the rate as the block and the life as typed, so check each row’s class and block afterwards.

Limitations

• Extra-shift depreciation (Schedule II, note 6), impairment and revaluation are not worked out — adjust the figures after export.
• Components with a different life (Schedule II, note 4) need their own rows.
• Leased assets are not shown separately in the PPE note; give them their own class or note them in the description.
• Additional depreciation, the deductions for specified businesses and any other tax incentives are not included; nor are the other timing differences in deferred tax.
• Each block’s opening WDV must cover the same assets as the register, or the timing difference will be wrong.
• The register assumes every asset is used wholly for the business from the date it is put to use.

Privacy

Everything is calculated in your browser. The register, saved registers and any files you import are never uploaded. The register on screen is kept in this browser as you type, so it is still there when you come back (New blank register replaces it); saved registers stay only in this browser until you delete them.