Depreciation

You need to follow depreciation rates as per Companies Act for the purpose of book keeping. Fixed asset register in tally should match with FA schedule of the financials. For the purpose of income tax, you can separately maintain FAR in some other manner (like Excel sheet)

Poornima But the fixed assest value in Tally is not matching with the value of Balance sheet fixed assed schedule. How to match it with Tally??

1. As I understand, in standard Tally, depreciation figure is entered manually (i.e. tally does not auto-calculate).
2. If so, you need to take out all of the previous data on FA schedule to reconcile the balance for each of the year and rectify the entries as per BS schedule