AI Modules/Working Papers/Fixed Assets / PPE

Schedule II · Sec 32· पत्र

Fixed Assets / PPE

Block-wise roll-ಆಸ್ತಿ ವರ್ಗದ ಮೂಲಕ ಮುಂದಕ್ಕೆ. Schedule II ಉಪಯುಕ್ತ-ಜೀವನ check. Sec 32 ತೆರಿಗೆಗಾಗಿ ಸವಕಳಿ ಆಡಿಟ್.

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The ಸ್ಥಿರ ಆಸ್ತಿ ರಿಜಿಸ್ಟರ್ is the primary source for PPE roll-forward. CORAA reads the FA register and composes the block-wise schedule per ಕಂಪನಿಗಳ ಕಾಯ್ದೆ 2013 Schedule II: Gross Block, Additions, Disposals, Depreciation Charge, Depreciation Reversed on Disposal, and Net Block. Schedule II ಉಪಯುಕ್ತ-ಜೀವನ verification runs against the ಆಡಿಟ್ee's declared depreciation method. Section 32 depreciation under the ಆದಾಯ ತೆರಿಗೆ ಕಾಯ್ದೆ for the tax ಆಡಿಟ್ composes alongside.

Block-wise roll-forward per ಕಂಪನಿಗಳ ಕಾಯ್ದೆ 2013 Schedule II
Asset classes: Buildings, Plant & Machinery, Furniture, Vehicles, IT, Intangibles
Schedule II ಉಪಯುಕ್ತ-ಜೀವನ verification against declared method
Section 32 ಆದಾಯ ತೆರಿಗೆ ಕಾಯ್ದೆ ತೆರಿಗೆಗಾಗಿ ಸವಕಳಿ ಆಡಿಟ್
Put-to-ಮಧ್ಯಕ್ಕೆ ದಿನಾಂಕ ತರ್ಕ ಬಳಸಿ-year additions (half-rate for under 180 days)
Impairment triggers flagged at disposals at loss

Two paths, one ledger

The old way, and ours.

Two paths to the same audit conclusion. One leaves traces; the other doesn't.

Traditional

The old way

-FA register maintained in Excel by the ಆಡಿಟ್ee
-Roll-forward computed manually with separate columns for company-law and IT-Act depreciation
-Schedule II ಅನುಸರಣೆ assessed on aggregate, not asset-by-asset
-Section 32 tax ಆಡಿಟ್ table re-created from scratch

FA roll-forward build time: 4-8 hours. ಟ್ಯಾಕ್ಸ್ ಆಡಿಟ್ table errors: typical.

CORAA

On the Ledger

FA register ingested ಟಿಯರ್ III ನಲ್ಲಿ
Block-wise roll-forward composed automatically
Schedule II ಉಪಯುಕ್ತ-ಜೀವನ verified per asset class against declared method
Section 32 depreciation auto-computed with put-to-use date logic
Cross-tie between ಇಲ್ಲte 11 PPE (Schedule II) and Form 3CD Clause 18 (Sec 32) enforced

FA roll-forward instant. Sch II and Sec 32 both produced from the same register.

How it works

Three steps. Every trace logged.

Step 01

Upload ಸ್ಥಿರ ಆಸ್ತಿ ರಿಜಿಸ್ಟರ್

The FA register is uploaded ಟಿಯರ್ III ನಲ್ಲಿ. Standard format: per-asset rows with Asset Code, Description, Class, Cost, Date of Put-to-Use, Accumulated Depreciation Opening, Depreciation Charged, Disposals, Accumulated Depreciation Closing, WDV.

Step 02

Block-wise composition

Assets aggregate by class into blocks: Buildings (10% under Sec 32), Plant & Machinery (15%), Furniture (10%), Vehicles (15%), IT (40%), and so on. The block-wise roll-forward composes per Schedule II for company law and per Sec 32 for tax.

Step 03

Useful-life and impairment checks

For each asset class, Schedule II prescribes a useful life. CORAA checks the depreciation rate against the prescribed life and flags variance. Disposals at a loss are impairment triggers requiring ಆಡಿಟರ್ review.

Inside the module

What you actually get.

Schedule II ಉಪಯುಕ್ತ-ಜೀವನ verification

Schedule II of ಕಂಪನಿಗಳ ಕಾಯ್ದೆ 2013 prescribes useful lives for asset classes (Buildings 30-60 years, P&M 8-25 years, Furniture 10 years, etc.). CORAA verifies the depreciation method (SLM or WDV) consistency with these lives.

›Per-class useful life check
›SLM vs WDV consistency
›Residual value assumption capture
›Variance disclosure required

Section 32 ತೆರಿಗೆಗಾಗಿ ಸವಕಳಿ ಆಡಿಟ್

Section 32 of the ಆದಾಯ ತೆರಿಗೆ ಕಾಯ್ದೆ prescribes block-rate depreciation (different from Schedule II rates). CORAA composes the Sec 32 schedule alongside, with put-to-ಮಧ್ಯಕ್ಕೆ ದಿನಾಂಕ ತರ್ಕ ಬಳಸಿ-year additions.

›Block rates per Sec 32
›Put-to-use date capture
›Half-rate for under 180 days
›Form 3CD Clause 18 auto-populated

Impairment trigger detection

AS 28 requires impairment testing when an asset shows signs of impairment. CORAA flags disposals at a loss, idle assets with significant accumulated depreciation, and assets in lines of business under restructuring.

›Disposal-at-loss flag
›Idle asset detection
›Restructuring-impacted assets
›AS 28 impairment test trigger

CWIP roll-forward integration

Capital Work-in-Progress (ಇಲ್ಲte 12) often capitalizes into PPE during the year. CORAA tracks the CWIP-to-PPE transfer with appropriate ಆಡಿಟ್ ಜಾಡು.

›CWIP balance roll-forward
›Capitalization events tracked
›Sch III ಇಲ್ಲte 12 disclosure auto-filled
›CARO 2020 Cl 1(b) ageing for delayed projects

Frequently asked

Answers, up front.

Schedule II permits the ಆಡಿಟ್ee to adopt different useful lives if justified, with disclosure. CORAA prompts for the justification when rates deviate from prescribed lives. The deviation and rationale go into ಇಲ್ಲte 11 PPE.

Sec 32 of the ಆದಾಯ ತೆರಿಗೆ ಕಾಯ್ದೆ allows full year's depreciation if the asset is put to use for 180 days or more in the year, and half-year's depreciation if for less than 180 days. CORAA captures the put-to-use date for each addition and applies the correct rate.

Intangibles (goodwill, software, brands, patents) compose into ಇಲ್ಲte 13 Intangible Assets. The amortization schedule follows AS 26 / Ind AS 38. Goodwill from acquisitions surfaces impairment testing requirements; software and brands have prescribed useful lives.

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