Income Tax Provision for Wip Assets Depreciation - PDF

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Income Tax Provision for Wip Assets Depreciation - PDF Powered By Docstoc
					                                     Features Check-List
    Fixed Asset Structure
                                                                           Yes No
1   Years can be separately defined for Companies Act, Income Tax Act      i
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2   Years are user definable                                               j
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3   Year can be of any duration for Companies Act                          j
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4   Year is always financial year for Income Tax Act                       j
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5   Depreciation Rates are user definable                                  j
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6   Depreciation Rates for Double / Triple Shift                           j
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7   Depreciation Rates can be defined block wise for I.Tax Act             j
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8   Depreciation Rates can be defined category wise as per Companies Act   j
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9   Method for Depreciation can be SLM or WDV for Companies Act            j
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10 Method for Depreciation as per I Tax Act is always WDV                  i
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11 An asset can be categorized up to three level                           j
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12 Any number of second level/third level categories can be defined        i
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13 Separate rates can be defined for Category II / III                     i
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14 Three tier location can be defined                                      i
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15 Department/cost centre/user/vendor can be defined                       j
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16 Asset prefix can be given                                               j
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17 Can start with closing balances if details not available                j
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18 Can be from the date of Acquisition                                     i
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19 Different cost for different method                                     k
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    Transaction
                                                                           Yes No
1   Records complete acquisition details                                   i
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2   Foreign exchange transactions can be recorded                          j
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3   Cenvat Provisions                                                      j
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4   Capturing revenue expenditure incurred on an asset                     j
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5   Parent child asset relationship can be established                     i
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6   Provision for Capital work in progress                                 i
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7   Option to tag / view image file                                        i
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8   Complete break-up of an asset can be recorded                          i
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9   Splitting of an asset into several small assets                        i
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                                                                           n   l
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10 Option for sale / discard                                               i
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11 Calculation of Gain/loss on assets sold / discarded                     j
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                                                                           n
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12 Assets shifted in / shifted out                                         i
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                                                                           n   l
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13 Importing of data from MS-Excel                                         i
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                                                                           n   l
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14 Pre-purchase process                                                    l
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15 Building of assets / allocation of expenses                             l
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                                                                               n
    Asset Management
                                                                Yes No
1   Insurance details                                           i
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2   AMC Details                                                 j
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3   Warranty details                                            j
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4   Physical verification details                               j
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5   Transfer Memo                                               i
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6   Sales Memo                                                  i
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7   Bar Code printing and scanning                              i
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8   Asset Card                                                  j
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                                                                    j
9   Asset enquiry                                               j
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                                                                n
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                                                                    n
                                                                    j

    Depreciation - Companies Act
                                                                Yes No
1   SLM or WDV method                                           i
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                                                                n   l
                                                                    m
                                                                    n
                                                                    j
                                                                    k
2   100% Depreciation for assets costing less than Rs. 5000/-   i
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                                                                    m
                                                                    n
                                                                    j
                                                                    k
3   Check for depreciation amount not to exceed cost            j
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                                                                n
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                                                                    n
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4   Monthly/Quarterly/Yearly depreciation calculation           j
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                                                                    n
                                                                    j
5   Depreciation calculation based on Days or Month             i
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                                                                    n
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6   Provision for write off up to 95% of the cost               i
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                                                                    n
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7   Double Shift/Single Shift Calculation                       i
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                                                                    n
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                                                                    k
8   Special rate for individual asset                           i
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                                                                    n
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                                                                    k
9   Category wise depreciation calculation                      i
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                                                                    n
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                                                                    k
10 Option to import pre-calculated depreciation Amount          i
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                                                                    n
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                                                                    k
11 Change of Asset Category                                     i
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12 Change of Rate                                               j
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                                                                n
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                                                                    n
                                                                    j
13 Change of Method                                             i
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                                                                m
                                                                n   l
                                                                    m
                                                                    n
                                                                    j
                                                                    k
14 Depreciation on assets retired/not in use                    l
                                                                m
                                                                n
                                                                j
                                                                k   i
                                                                    j
                                                                    k
                                                                    l
                                                                    m
                                                                    n
15 Retrospective change in depreciation for an asset            i
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                                                                m
                                                                n   l
                                                                    m
                                                                    n
                                                                    j
                                                                    k
16 Depreciation on dependent child as per AS-6                  k
                                                                l
                                                                m
                                                                n
                                                                j   i
                                                                    j
                                                                    k
                                                                    l
                                                                    m
                                                                    n

    Depreciation - Income Tax Act
                                                                Yes No
1   WDV Method                                                  j
                                                                k
                                                                l
                                                                m
                                                                n
                                                                i   k
                                                                    l
                                                                    m
                                                                    n
                                                                    j
2   Half rate for assets used for less than 180 days            i
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                                                                l
                                                                m
                                                                n   l
                                                                    m
                                                                    n
                                                                    j
                                                                    k
3   Rate based on block of Asset                                i
                                                                j
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                                                                l
                                                                m
                                                                n   l
                                                                    m
                                                                    n
                                                                    j
                                                                    k
4   Capital gain/loss statement                                 j
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                                                                l
                                                                m
                                                                n   k
                                                                    l
                                                                    m
                                                                    n
                                                                    i
                                                                    j
5   Additional Rate of Dep                                      i
                                                                j
                                                                k
                                                                l
                                                                m
                                                                n   k
                                                                    l
                                                                    m
                                                                    n
                                                                    j

    Depreciation - Additional books
                                                                Yes No
1   Provision to define two additional books of Depreciation    i
                                                                j
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                                                                n   l
                                                                    m
                                                                    n
                                                                    j
                                                                    k
2   Depreciation statements available for additional books      i
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                                                                l
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                                                                n   l
                                                                    m
                                                                    n
                                                                    j
                                                                    k
3   Fixed asset schedules available for additional books        i
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                                                                k
                                                                l
                                                                m
                                                                n   l
                                                                    m
                                                                    n
                                                                    j
                                                                    k
    Reports - Companies Act
                                                                     Yes No
1   Fixed Assets Register                                            i
                                                                     j
                                                                     k
                                                                     l
                                                                     m
                                                                     n   k
                                                                         l
                                                                         m
                                                                         n
                                                                         j
2   Fixed Assets Schedule                                            j
                                                                     k
                                                                     l
                                                                     m
                                                                     n
                                                                     i   k
                                                                         l
                                                                         m
                                                                         n
                                                                         j
3   Fixed Assets Schedule department / location / cost center wise   j
                                                                     k
                                                                     l
                                                                     m
                                                                     n
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                                                                         l
                                                                         m
                                                                         n
                                                                         j
4   Depreciation Statement                                           j
                                                                     k
                                                                     l
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                                                                     n
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                                                                         l
                                                                         m
                                                                         n
                                                                         j
5   Shiftwise Details                                                j
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                                                                     n
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                                                                         l
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                                                                         n
                                                                         j
6   Fixed Assets Ledger                                              j
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                                                                     l
                                                                     m
                                                                     n
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                                                                         l
                                                                         m
                                                                         n
                                                                         j
7   Sale/Discard report with Gain/loss                               j
                                                                     k
                                                                     l
                                                                     m
                                                                     n
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                                                                         l
                                                                         m
                                                                         n
                                                                         j
8   Asset acquired during the year                                   j
                                                                     k
                                                                     l
                                                                     m
                                                                     n
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                                                                         l
                                                                         m
                                                                         n
                                                                         j
9   Capital WIP / Assets not put to use                              j
                                                                     k
                                                                     l
                                                                     m
                                                                     n
                                                                     i   k
                                                                         l
                                                                         m
                                                                         n
                                                                         j
10 Asset Card                                                        i
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                                                                     k
                                                                     l
                                                                     m
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                                                                         m
                                                                         n
                                                                         j
                                                                         k
11 Assets Shifted In / Shifted Out                                   j
                                                                     k
                                                                     l
                                                                     m
                                                                     n
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                                                                         l
                                                                         m
                                                                         n
                                                                         j
12 Acquired as Foreign Exchange                                      i
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                                                                     l
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                                                                     n   l
                                                                         m
                                                                         n
                                                                         j
                                                                         k
13 Acquired as Dependent Child                                       i
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                                                                     l
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                                                                     n   l
                                                                         m
                                                                         n
                                                                         j
                                                                         k
14 Physical verification report                                      i
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                                                                         n
                                                                         j
15 User defined Report                                               j
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                                                                     l
                                                                     m
                                                                     n
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                                                                         l
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                                                                         n
                                                                         j
16 Assets costing less than Rs. 5000/-                               j
                                                                     k
                                                                     l
                                                                     m
                                                                     n
                                                                     i   k
                                                                         l
                                                                         m
                                                                         n
                                                                         j
17 Depreciation amount mismatch                                      j
                                                                     k
                                                                     l
                                                                     m
                                                                     n
                                                                     i   k
                                                                         l
                                                                         m
                                                                         n
                                                                         j
18 Asset written off                                                 j
                                                                     k
                                                                     l
                                                                     m
                                                                     n
                                                                     i   k
                                                                         l
                                                                         m
                                                                         n
                                                                         j
19 BackDated Enteries                                                j
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                                                                     l
                                                                     m
                                                                     n   l
                                                                         m
                                                                         n
                                                                         j
                                                                         k

    Reports - Income Tax Act
                                                                     Yes No
1   Fixed Assets Schedule                                            i
                                                                     j
                                                                     k
                                                                     l
                                                                     m
                                                                     n   k
                                                                         l
                                                                         m
                                                                         n
                                                                         j
2   Assets used for more than/less than 180 Days                     j
                                                                     k
                                                                     l
                                                                     m
                                                                     n
                                                                     i   k
                                                                         l
                                                                         m
                                                                         n
                                                                         j
3   Form 3CD                                                         j
                                                                     k
                                                                     l
                                                                     m
                                                                     n
                                                                     i   k
                                                                         l
                                                                         m
                                                                         n
                                                                         j

    Technical
                                                                     Yes No
1   Single User / Multi User versions                                i
                                                                     j
                                                                     k
                                                                     l
                                                                     m
                                                                     n   k
                                                                         l
                                                                         m
                                                                         n
                                                                         j
2   SQL Server databases integration                                 j
                                                                     k
                                                                     l
                                                                     m
                                                                     n
                                                                     i   k
                                                                         l
                                                                         m
                                                                         n
                                                                         j
3   Oracle Server databases integration                              k
                                                                     l
                                                                     m
                                                                     n
                                                                     j   j
                                                                         k
                                                                         l
                                                                         m
                                                                         n
                                                                         i
4   MS-Access database                                               j
                                                                     k
                                                                     l
                                                                     m
                                                                     n
                                                                     i   k
                                                                         l
                                                                         m
                                                                         n
                                                                         j
5   Web based application                                            k
                                                                     l
                                                                     m
                                                                     n
                                                                     j   j
                                                                         k
                                                                         l
                                                                         m
                                                                         n
                                                                         i
6   Desktop application                                              j
                                                                     k
                                                                     l
                                                                     m
                                                                     n
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                                                                         l
                                                                         m
                                                                         n
                                                                         j
7   Platform Independent                                             k
                                                                     l
                                                                     m
                                                                     n
                                                                     j   j
                                                                         k
                                                                         l
                                                                         m
                                                                         n
                                                                         i
8   Software protection through hardware dongle                      j
                                                                     k
                                                                     l
                                                                     m
                                                                     n
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                                                                         l
                                                                         m
                                                                         n
                                                                         j
9   Backup & Restore facility                                        j
                                                                     k
                                                                     l
                                                                     m
                                                                     n
                                                                     i   k
                                                                         l
                                                                         m
                                                                         n
                                                                         j
10 Crystal Report as reporting tool                                  i
                                                                     j
                                                                     k
                                                                     l
                                                                     m
                                                                     n   l
                                                                         m
                                                                         n
                                                                         j
                                                                         k
11 User defined passwords for each company                           i
                                                                     j
                                                                     k
                                                                     l
                                                                     m
                                                                     n   l
                                                                         m
                                                                         n
                                                                         j
                                                                         k
    Miscellaneous
                                                                Yes No
1   Creation of UDF's (user defined fields)                     i
                                                                j
                                                                k
                                                                l
                                                                m
                                                                n   k
                                                                    l
                                                                    m
                                                                    n
                                                                    j
2   Filters provided in all reports                             j
                                                                k
                                                                l
                                                                m
                                                                n
                                                                i   k
                                                                    l
                                                                    m
                                                                    n
                                                                    j
3   Parameterized Search option                                 j
                                                                k
                                                                l
                                                                m
                                                                n
                                                                i   k
                                                                    l
                                                                    m
                                                                    n
                                                                    j
4   Re-numbering of Assets                                      j
                                                                k
                                                                l
                                                                m
                                                                n
                                                                i   k
                                                                    l
                                                                    m
                                                                    n
                                                                    j
5   User rights to access menus                                 i
                                                                j
                                                                k
                                                                l
                                                                m
                                                                n   l
                                                                    m
                                                                    n
                                                                    j
                                                                    k
6   Import/Export options for all fields from excel             i
                                                                j
                                                                k
                                                                l
                                                                m
                                                                n   l
                                                                    m
                                                                    n
                                                                    j
                                                                    k
7   Online data entry validations                               i
                                                                j
                                                                k
                                                                l
                                                                m
                                                                n   l
                                                                    m
                                                                    n
                                                                    j
                                                                    k
8   AMC/Warranty reminders                                      j
                                                                k
                                                                l
                                                                m
                                                                n
                                                                i   k
                                                                    l
                                                                    m
                                                                    n
                                                                    j
9   Consolidation of different data                             j
                                                                k
                                                                l
                                                                m
                                                                n
                                                                i   k
                                                                    l
                                                                    m
                                                                    n
                                                                    j
10 Bar Code                                                     i
                                                                j
                                                                k
                                                                l
                                                                m
                                                                n   l
                                                                    m
                                                                    n
                                                                    j
                                                                    k
11 Bulk entry option                                            i
                                                                j
                                                                k
                                                                l
                                                                m
                                                                n   l
                                                                    m
                                                                    n
                                                                    j
                                                                    k
12 US GAAP                                                      k
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13 Copy Masters from another database                           i
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14 CTRL + R to copy previous record details during data entry   i
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15 Multi currency                                               l
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16 Revaluation                                                  l
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17 Impairment of assets                                         l
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DOCUMENT INFO
Description: Income Tax Provision for Wip Assets Depreciation document sample