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Account group as per Income tax rule

Former Member
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Hi Gurus,

Can anybody tell me ahow shall i do settings in the Asset accounting for calculating depreciation as per the income tax rules.

Thanks in advance .

Regards,

Abhinandan

Accepted Solutions (0)

Answers (1)

Answers (1)

Former Member
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You have to use a depreciation area for tax depreciation.

You have to define a depreciation key with required depreciation rate as per IT rules.

Former Member
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....

But how shall I configure Asset block ( Asset group) which comprises of multiple asset classes.

Thanks in advane

Former Member
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You can configure Group Asset.

Former Member
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Thats what I wanna to know how shall I configure group asset.

Plz reply specificaly.

Thanks in advance.

Regards,

Abhi.

Former Member
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HI,

1. Create Group Asset Depreciation Area in OAYM t-code

2. Create Asset Class like Building. Vehicles separatly for Group Assets and indicate as Group Asset Class in T-code OAAX.

3. In eash Asset Master data, under Depreciation Area, double click on Income tax depreciation Area, under that, assign Group Asset Class.

This will summarixw your Group Asset config.

Regards

Velu Mudaliar

FICO Consultant

+91 9833457603

Former Member
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Freind,

Thank you very much...

Can u add something in it such as how shall it will impact my sales of assets will it reduce my assset block value.

And also how shall I generate reports on the basis on income tax requirment for the same.

Thanks in advance with appreciation.

Regards,

Abhi.