Manufacturing & Industrial
When a power appliances and UPS systems manufacturer needed to bring their fixed asset register into Schedule II compliance, we delivered a clean statutory audit and a depreciation framework built to last.
What the engagement demanded.
The client manufactures power appliances and UPS systems with a substantial fixed asset base accumulated over more than a decade — across plants, machinery, plant fixtures, IT equipment, and tooling. Their fixed asset register had grown organically and contained inconsistent asset categorization, which made depreciation computation under Schedule II of the Companies Act 2013 and Section 32 of the Income Tax Act 1961 inconsistent and audit-risk-prone. With statutory audit due, our task was to deliver clean schedules without disrupting plant operations.
How we executed the engagement.
Asset Reconciliation
Comprehensive physical verification of fixed assets across plant locations, matched against the existing Fixed Asset Register.
Re-categorization
Each asset re-classified under the appropriate Schedule II asset block with correct useful life assumptions.
Depreciation Recomputation
Dual-track depreciation: Written Down Value (WDV) and Straight Line Method (SLM) where applicable, both for Companies Act and Income Tax Act.
Capitalization Review
Items previously expensed but eligible for capitalization were identified and corrected with prior-period adjustments.
Audit-Ready Output
Final schedules with working papers, ready for statutory audit and management review.
The capabilities we brought to bear.
Fixed Asset Audit & Verification
Comprehensive physical verification, asset tagging review, and ledger matching across all plant locations.
Depreciation Computation
Dual computation under Schedule II of the Companies Act 2013 and Section 32 of the Income Tax Act 1961.
Capital Asset Management
Useful life reassessment per Schedule II Part C, residual value validation, and component accounting where applicable.
Regulatory Compliance
Schedule III presentation, AS-10 / Ind AS 16 disclosures complete and audit-ready.
The results we delivered.
At N D Savla & Associates, we don't just ensure compliance — we help you make smarter financial decisions with clarity and confidence.
