Skip to Content
0
Jan 01, 2008 at 08:41 AM

Group Asset - Income Tax India

27 Views

Dear All,

I am facing certain problems in Group Asset area which is created for Income tax Purpose.

1) Created 3 Asset Classes for 3 Income Tax Rates viz, 10%, 15% & 60%

2) Created 3 Group Assets (AS21) for the 3 percentages. ( 9900000 for 10%, 9940000 for 15%, 9960000 for 60%)

3) Created 2 different assets through AS01 under different class but with same % Depreciation. While creating the asset, mentioned the Group Asset created earlier, say 9900000.

4) Acquisition carried out F-90 on 2 different dates i.e. 01.05.2007 & 30.11.2007.

    • Now when I check Group Asset, system is calculation Depreciation for whole year on both the acquisitions. Ideally it should be total 10% on asset acquired on 01.05.2007 & 50% of 10% onasset acquired on 30.11.2007.

      • Is my point valid?

      **If yes, how can I address the issue? Where do you feel I have gone wrong?

      In Asset Explorer (AW01N) - Under Start Calculation Date - Ord. Dep.Start Date is 01.04.2007).

      Pl help.This is urgent.

      Thanks a lot,

      Gov