FA Block Code.

Deep

Hi All,

In SP3 FA, I can find a new field "FA Block code".
Cananyone explain the relevance of this field?

ssingla

This is Indian Localization for calculation of depreciation as per Income Tax Act

ssingla

Depr in Income tax act is not calculated for indivisual assets but for a category of asset known as a block i.e. FA block code for e.g. Plant & Machinery, Buildings, Furniture & Fixtures etc. Prorate calculation is not applicable as 180 days old concept is used.