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Easy to Make Depreciation Chart Through Gen I-T Software

Gen I-T Software Feature for Making Depreciation Chart
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Simple Intro About the Depreciation

Depreciation is a concept that is used to write off the cost of an item over its usable life. Depreciation is a necessary deduction in an entity’s profit and loss statements for depreciable assets, and the Act enables deduction using either the Straight-Line technique or the Written Down Value (WDV) method.

The WDV technique of calculating depreciation is extensively utilized. However, if the enterprise is involved in power generation or generation and distribution, the option of straight-line technique can opt.

Requirements For Claiming Depreciation

Benefits of Using Gen Income Tax Software

For calculating Income Tax, Advance Tax, Self Assessment Tax, and Interest under sections 234B, 234A, and 234C, Gen income tax filing software would be the effective solution. Through the assistance of the Gen ITR e-filing software, an individual could fastly build and file the ITR precisely and the same secures the option for direct e-filing through the software.

For furnishing the income tax return there are obligatory industry features that are available in the software, that comprise the automatic selection of the return forms, the XML or JSON generation of tax forms, the import of master data and income details, calculation of arrear relief and e-payment of challans with verification. Various distinct features are included with the ITD (Income Tax Department) web services, including MAT/AMT calculation, income deductions summarization, and quick ITR uploading, that the assessees and clients could reveal.

Steps to Make Depreciation Chart via Gen Income Tax Software

Step 1:- First Install Gen Income Tax Return Filing Software on your laptop and PC. After that click on Income Tax and then click on the Computation tab.

Step 2:- Select the Client of which you want to view the Depreciation Chart.

Step 3:- Click on Depreciation Chart to view the Depreciation Chart of the year.

Step 4:- After entering the details of Assets you can view the Depreciation Chart as per the Companies Act by clicking on Fixed Asset Schedule (FA) and as per IT by Clicking on the tab Depreciation Chart (IT).

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