Every organization has to purchase Fixed Asset Such As Land, Building, Vehicles, Computer, Xerox Machines, Furniture and fixtures, Electrical Installation, Plant and Machinery, etc in order to run the organization smoothly on a day-to-day basis and maintain its Register in a prescribed format.

Therefore It is mandatory to maintain a physical stock of Assets i.e. Fixed Asset register as per Company Act 2013 and as per Income tax act 1961, after claiming depreciation as per applicable rates prescribed by Competent Authority, needs to be maintained every year, as a statutory requirement

Broadly, The Asset Management software (AMS), has to provide necessary Masters such as Asset Category master as per Company Act and As per Income Tax Act, Category wise Asset Item Master, etc. So also the software should provide a facility to enter Transactions such as Locationwise Old Fixed Assets, Newly Purchased Assets, Scarp of Asset, Re-sale of Asset, LAND Purchase Entry, etc.

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