Fixed Asset Register Format — Companies Act & Income-tax (Word)

Q: What does CARO 2020 require in a fixed asset register?

Clause 3(i)(a)(A) of CARO 2020 requires the auditor to report whether the company maintains proper records showing full particulars, including quantitative details and situation, of Property, Plant and Equipment (clause 3(i)(a)(B) asks the same for intangible assets). In practice that means an asset-wise register with a unique ID, description, location, custodian, cost, dates of purchase and put-to-use, and depreciation — not a summary by asset class. Clause 3(i)(b) then asks whether management physically verified the assets at reasonable intervals and dealt with material discrepancies in the books.

Q: Why does the register track depreciation twice?

Because two statutes compute it differently on the same assets. The Companies Act, 2013 (Schedule II) depreciates each asset over its useful life, by SLM or WDV, for the books. The Income-tax Act, 1961 (section 32) depreciates blocks of assets — not individual assets — at prescribed WDV rates for the tax computation, with only half the rate in the year of acquisition if the asset is used for less than 180 days. The register keeps both streams side by side because the difference between book WDV and tax WDV drives the deferred-tax computation, and Form 3CD clause 18 requires the tax depreciation working in any case.

Q: What is the CWIP ageing schedule under Schedule III?

Since FY 2021-22, Schedule III requires capital work-in-progress (and intangible assets under development) to be disclosed in an ageing schedule with four buckets — less than 1 year, 1–2 years, 2–3 years and more than 3 years — split between projects in progress and projects temporarily suspended. Ageing runs from when each amount was first recognised in CWIP, so one project typically spans several buckets. Projects that are overdue or over budget against the original plan need an additional expected-completion disclosure in the same buckets.

Q: What does CARO say about title deeds of immovable property?

Clause 3(i)(c) of CARO 2020 requires the auditor to report whether the title deeds of all immovable properties disclosed in the financial statements (other than properties where the company is the lessee and the lease agreements are duly executed in its favour) are held in the name of the company. Where they are not, the details must be disclosed in a prescribed format: description, gross carrying value, whose name the deed is in, whether that holder is a promoter, director or their relative or employee, the period held, and the reason. The register carries this table so the disclosure is ready-made at year-end.

An asset-wise register with dual depreciation tracking — Companies Act Schedule II useful lives and Income-tax block WDV side by side — plus CWIP ageing, physical-verification tags and the CARO 3(i) title-deeds table.

Free · CORAA original — SA-aligned

Updated 29 Jul 2026

Type

Entity-prepared register

CARO linkage

Clauses 3(i)(a) to 3(i)(c), CARO 2020

Depreciation

Dual — Schedule II (books) & s. 32 blocks (tax)

CWIP ageing

Schedule III buckets: <1 / 1–2 / 2–3 / >3 years

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Financial Year

Prepared by

Reviewed by

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Fixed Asset Register Format — Companies Act & Income-tax

30 July 2026

Fixed Asset Register — Dual Depreciation (Companies Act & Income-tax)

Entity: {{entity_name}} | Financial Year: {{fy}} | Register as at: {{as_at_date}}

1. Purpose and Statutory Basis

This register maintains the proper records of Property, Plant and Equipment that CARO 2020 clause 3(i)(a)(A) requires — full particulars including quantitative details and situation of each asset — and that the auditor tests before answering clauses 3(i)(a) to 3(i)(d) of the audit report. Depreciation is tracked twice, deliberately: asset-wise under Schedule II of the Companies Act, 2013 (useful-life based, SLM or WDV, for the books) and block-wise under section 32 of the Income-tax Act, 1961 (prescribed WDV rates, for the tax computation). The two frameworks classify and depreciate the same assets differently and must be maintained in parallel — the gap between book WDV and tax WDV is what drives the deferred-tax working.

2. Part A — Asset Identity, Cost and Movement

Asset ID	Description	Location	Custodian	Date of purchase	Date put to use	Original cost (₹)	Additions during FY (₹)	Deletions / disposals (₹)




Total

Asset ID: a unique, permanent identifier per asset — the same ID carries through Parts B and D and onto the physical tag. Never reuse the ID of a disposed asset.
Location / Custodian: the 'situation' CARO 3(i)(a)(A) asks for — plant, floor, or branch, plus the person accountable. Update on every transfer; a register that says 'Head Office' for everything fails the clause.
Date put to use: drives both depreciation streams — Schedule II depreciation runs from the date the asset is available for use; under the Income-tax Act, assets put to use for less than 180 days in the year of acquisition earn only half the block rate for that year.
Cost: capitalise at cost per AS 10 / Ind AS 16 — purchase price plus duties (net of credits such as GST ITC actually availed), and directly attributable costs of bringing the asset to working condition.

3. Part B — Depreciation per Companies Act (Schedule II, asset-wise)

Asset ID	Useful life (yrs)	Method (SLM / WDV)	Residual value (₹)	Opening accum. dep. (₹)	Dep. for the year (₹)	Closing accum. dep. (₹)	Book WDV (₹)



Total

Useful life: adopt the Schedule II Part C life for the asset class; a different life is permissible with technical justification disclosed in the financial statements. Residual value is ordinarily capped at 5% of original cost.
Component approach: where a significant part of an asset has a materially different useful life (e.g. a furnace lining within a furnace), depreciate that component separately.

4. Part C — Depreciation per Income-tax Act (Section 32, block-wise)

Block of assets	Rate (%)	Opening WDV (₹)	Additions — used ≥180 days (₹)	Additions — used <180 days (₹)	Sale proceeds of deletions (₹)	Depreciation for the year (₹)	Closing WDV (₹)
Buildings
Plant & machinery
Furniture & fittings
Computers & software
Vehicles
Total

Block concept: income-tax depreciation is computed on the block, not the individual asset — assets of the same class carrying the same rate form one block, and individual identity is lost once an asset enters it. Keep Part A as the asset-level memorandum that supports each block.
Rates: apply the rates prescribed in Appendix I to the Income-tax Rules for the relevant year (e.g. buildings, plant and machinery, computers each carry different WDV rates) — verify against the current Appendix I before filing, and reconcile this Part to the depreciation claimed in the return and reported in Form 3CD clause 18.
Additions used for less than 180 days in the year of acquisition are eligible for only 50% of the block rate for that year (second proviso to section 32(1)).

5. Capital Work-in-Progress — Schedule III Ageing

CWIP	Less than 1 year (₹)	1–2 years (₹)	2–3 years (₹)	More than 3 years (₹)	Total (₹)
Projects in progress
Projects temporarily suspended
Total

Schedule III (as amended w.e.f. FY 2021-22) requires this ageing for CWIP and, in the same format, for intangible assets under development. Age each amount from the date the cost was first recognised in CWIP — a single project will usually span more than one bucket.
For projects whose completion is overdue or whose cost has exceeded the original plan, Schedule III additionally requires a project-wise expected-completion schedule in the same year buckets.

6. Physical Verification Record (CARO 3(i)(b))

Asset ID	Tag no.	Verified on	Verified by	Condition	Discrepancy noted	How dealt with in books

CARO 3(i)(b) asks whether PPE has been physically verified by management at reasonable intervals and whether material discrepancies were properly dealt with in the books. A rotational programme covering all assets over a reasonable cycle (commonly two to three years, all material assets more frequently) is generally acceptable — document the programme, not just the count.
Tag no.: the physical identifier affixed to the asset (barcode / RFID / painted code) that maps one-to-one to the Asset ID in Part A. Untagged assets are the first thing a CARO verification flags.

7. Title Deeds of Immovable Property (CARO 3(i)(c))

Description of property	Gross carrying value (₹)	Title deed held in name of	Whether holder is promoter / director / their relative or employee	Period held	Reason for not being held in company's name

CARO 3(i)(c) requires the auditor to report whether the title deeds of all immovable properties (other than properties where the company is the lessee and the lease agreements are duly executed in its favour) disclosed in the financial statements are held in the name of the company — and where they are not, to disclose the details in the format above. Keep the original deeds (or the bank's custody confirmation, where mortgaged) referenced against each row.

	Name	Signature	Date
Prepared by	{{prepared_by}}		30 July 2026
Reviewed by	{{reviewed_by}}

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What’s inside

An excerpt from the template.

Fixed Asset Register — Dual Depreciation (Companies Act & Income-tax)

Entity: ___ | Financial Year: ___ | Register as at: ___

1. Purpose and Statutory Basis

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Common questions

FAQs.

What does CARO 2020 require in a fixed asset register?

Clause 3(i)(a)(A) of CARO 2020 requires the auditor to report whether the company maintains proper records showing full particulars, including quantitative details and situation, of Property, Plant and Equipment (clause 3(i)(a)(B) asks the same for intangible assets). In practice that means an asset-wise register with a unique ID, description, location, custodian, cost, dates of purchase and put-to-use, and depreciation — not a summary by asset class. Clause 3(i)(b) then asks whether management physically verified the assets at reasonable intervals and dealt with material discrepancies in the books.

Why does the register track depreciation twice?

Because two statutes compute it differently on the same assets. The Companies Act, 2013 (Schedule II) depreciates each asset over its useful life, by SLM or WDV, for the books. The Income-tax Act, 1961 (section 32) depreciates blocks of assets — not individual assets — at prescribed WDV rates for the tax computation, with only half the rate in the year of acquisition if the asset is used for less than 180 days. The register keeps both streams side by side because the difference between book WDV and tax WDV drives the deferred-tax computation, and Form 3CD clause 18 requires the tax depreciation working in any case.

What is the CWIP ageing schedule under Schedule III?

Since FY 2021-22, Schedule III requires capital work-in-progress (and intangible assets under development) to be disclosed in an ageing schedule with four buckets — less than 1 year, 1–2 years, 2–3 years and more than 3 years — split between projects in progress and projects temporarily suspended. Ageing runs from when each amount was first recognised in CWIP, so one project typically spans several buckets. Projects that are overdue or over budget against the original plan need an additional expected-completion disclosure in the same buckets.

What does CARO say about title deeds of immovable property?

Clause 3(i)(c) of CARO 2020 requires the auditor to report whether the title deeds of all immovable properties disclosed in the financial statements (other than properties where the company is the lessee and the lease agreements are duly executed in its favour) are held in the name of the company. Where they are not, the details must be disclosed in a prescribed format: description, gross carrying value, whose name the deed is in, whether that holder is a promoter, director or their relative or employee, the period held, and the reason. The register carries this table so the disclosure is ready-made at year-end.

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