Built for capex-heavy, multi-entity businesses
Wherever assets are componentised, projects live in CWIP for years, or a group runs many entities under different fiscal years — AssetOS maps to how you actually account for fixed assets.
Manufacturing
Plants componentise machinery, run multiple shifts and pour capex into CWIP — none of which a flat spreadsheet register handles. Shift uplift and additional depreciation get missed or hand-calculated.
Schedule II component accounting, Part C shift depreciation, s.32(1)(iia) additional depreciation and full CWIP capitalisation are native — computed automatically and reconciled to book and tax.
A ₹6.2 Cr CNC machining line was booked as a single asset with no componentisation, and shift usage was never recorded despite two- and three-shift running. The Excel register hadn't been physically verified in two years — on a floor count, 16% of tagged assets couldn't be traced. The statutory auditor issued an adverse CARO remark on maintenance of proper fixed-asset records and physical verification. Separately, additional depreciation under section 32(1)(iia) had been claimed on a second-hand imported press and on office air-conditioning; both were disallowed in scrutiny, leaving a ₹41 lakh demand under appeal before the CIT(A).
The line was broken into significant components on their own useful lives, shift-days were captured so Part C uplift applied automatically, and every asset was QR-tagged and reconciled in a supervised physical verification. Eligibility for additional depreciation was re-evaluated asset-by-asset, isolating only genuinely new plant & machinery.
The following year closed with a clean CARO report, 99.2% verification coverage, and a defensible additional-depreciation working that let the firm drop the ineligible claims and settle the balance of the dispute.
Infrastructure & real estate
Long-gestation projects sit in CWIP for years. Auditors want Schedule III ageing and evidence of what's overdue or over budget — usually reconstructed manually each quarter.
Track every project with budget and target dates, then generate CWIP ageing (Schedule III), ageing detail, movement and a capitalisation register on demand — with overdue and over-budget flags surfaced.
₹214 Cr sat in capital work-in-progress, of which ₹38 Cr related to projects older than three years — but the accounts carried no CWIP ageing as required by the amended Schedule III. A commercial block had been occupied and generating rent for eleven months before it was capitalised, so depreciation was understated. The auditor moved an emphasis of matter to a qualified opinion on CWIP disclosure and delayed capitalisation. In parallel, the assessing officer disallowed depreciation on assets he held were not 'put to use' in the year claimed, opening a ₹1.7 Cr dispute.
Every project was loaded with its expenditure, budget and target date; put-to-use dates were tracked so ready assets were capitalised on time; and CWIP ageing, movement and a capitalisation register were generated straight from the data.
Schedule III CWIP ageing was disclosed in full, the delayed capitalisation was corrected with the right depreciation catch-up, and dated put-to-use evidence substantially strengthened the company's position in the depreciation dispute.
Financial services & NBFC
Regulated entities need book-vs-tax clarity, deferred tax working and an audit trail that stands up to scrutiny — across several legal entities.
Parallel Companies Act and Income-tax engines produce a Book-vs-Tax deferred-tax report, while an immutable audit trail and role-based access keep every change traceable and scoped.
Book and tax depreciation were reconciled in a spreadsheet maintained by one person, and the deferred-tax working had quietly drifted — a limited review found the deferred tax liability understated by ₹2.3 Cr, forcing a restatement and a modified opinion. There was no audit trail showing who had changed asset costs or lives. On the tax side, the written-down value of the plant & machinery block didn't reconcile: sale proceeds on disposed IT and office assets had not been reduced from the block, and the resulting section 50 short-term capital gain treatment was challenged in assessment.
Companies Act and Income-tax depreciation were run in parallel from one register, producing a block-wise Book vs Tax deferred-tax report with the year's movement. Disposals were tied to the correct blocks, and every change was captured in an immutable, role-scoped audit trail.
Deferred tax reconciled to the rupee against the tax base, the restatement risk closed out, and the block WDV — with disposals correctly knocked off — gave the company clean workings to defend the section 50 position.
Enterprise & multi-entity groups
Groups run dozens of entities, each with its own fiscal year, depreciation policy and approvers. Consolidating registers across spreadsheets is slow and error-prone.
One organisation holds many entities, each with its own FY config, policy, freeze and maker–checker rules — with entity-scoped access so the right people see the right books.
Twelve entities ran on nearly twenty spreadsheets with inconsistent depreciation policies and no maker–checker control — anyone could edit a cost or back-date a disposal. When plant was transferred between two group companies, it was added to the transferee's register but never removed from the transferor's, so the group audit found the same asset carried — and depreciated — in two sets of books. The related-party transfer was also priced at net book value rather than a supportable fair value, drawing an audit observation. For tax, both companies had claimed depreciation on the transferred assets in the overlap year, which the department disallowed.
The group consolidated onto one organisation with each company as its own entity, standard depreciation policies, and maker–checker approvals on disposals and inter-company transfers. Transfers now move an asset out of one entity and into another as a single controlled action, with a full audit trail.
Double-counting was eliminated, the group audit observation on inter-company transfers was cleared, and clean transfer records — with depreciation claimed by exactly one entity — resolved the tax exposure.
Software & IT companies
Asset-light but scaling fast: large fleets of laptops and IT equipment spread across offices and remote employees, short useful lives, constant refresh cycles and disposals — and often an India subsidiary under a foreign parent. Custodian tracking and rapid disposals fall apart in spreadsheets.
Track every device with its custodian, location and short-life depreciation, QR-tag laptops for handover and return, and record rapid refreshes and disposals with gain/loss — across a multi-entity India + parent structure, reconciled for book and tax.
Roughly 2,400 laptops were issued to employees with no custodian record and no tagging. Across two years of attrition, devices worth about ₹1.4 Cr were never recovered or written off — they simply lingered in the register as 'ghost assets'. Physical verification hadn't been performed, and the auditor qualified the report on the existence of fixed assets. Because lost and scrapped laptops were never removed from the income-tax block, depreciation continued to be claimed on assets that no longer existed, exposing the company to disallowance and penalty in a scrutiny assessment.
Every device was QR-tagged and assigned to a custodian at issue, exits triggered a return-or-write-off step, and disposals were recorded with gain or loss and knocked off the tax block. A supervised verification reconciled the register to what was physically held.
Ghost assets were written off, verification cleared the audit qualification, and a register that matched reality removed the depreciation-on-non-existent-assets exposure — with clean custodian trails for the parent's group audit.
Case studies are illustrative, composite scenarios based on common real-world situations; company names are anonymised and figures are representative.
For CA firms: partner with AssetOS on verification & tagging assignments
Chartered accountancy firms already run fixed-asset physical verification and tagging engagements for their clients. Become an AssetOS implementation partner and deliver those assignments on a real platform — standardised, tagged, and audit-ready — while you keep the client relationship.
Deliver on a real platform
Run physical verification and QR/barcode tagging assignments on AssetOS instead of loose spreadsheets — a standardised register, scannable tags and a live reconciliation.
Audit-ready deliverables
Hand clients a statute-native Fixed Asset Register, Form 26 Clause 36 and the full report suite — the same quality of output on every engagement.
Partner economics
Preferred partner pricing and a recurring model: convert one-time verification work into ongoing register maintenance for the client.
Onboarding & support
Implementation playbooks, team training and priority support so your staff can run assignments confidently from the first engagement.
How the partnership works
Apply
Reach out with your firm's details and the verification/tagging assignments you handle today.
Onboard & train
Get partner access, implementation playbooks and hands-on training for your team.
Run assignments
Set up each client as an entity, tag and verify assets on-site, and reconcile the register.
Deliver & retain
Hand over audit-ready registers and reports, then retain the client on recurring maintenance.
Onboard your firm as a partner
Tell us about your practice and the assignments you run. Write to partners@assetos.in and we'll get you set up.
See AssetOS mapped to your industry
Tell us how you account for assets today and we'll show you the register, engines and reports set up for your world.