Tax Audit || How to round off depreciation amount In form 3CD point no 18

To round off the depreciation amount in Form 3CD (Point No. 18), you should follow these steps:

Calculate Depreciation: Calculate the depreciation as per the applicable method (Straight Line Method or Written Down Value method) under the Income Tax Act.

Round Off to the Nearest Whole Number: The depreciation amount should be rounded off to the nearest whole rupee under Section 288B of the Income Tax Act. This means:

1. If the amount is 50 paise or more, round it up to the next whole rupee.
   
2. If the amount is less than 50 paise, round it down to the previous whole rupee.

Step 1:

Go to Audit >> Tax Audit >> New 3CD W.E.F 20/08/2018 >> Point Number 18 >> Select Annexure and Open it:

Step 2:

Click on the "Round Off Dep" button, and then the Normal Depreciation amount will be Rounded off.

Note:- The Same Process follow In case Transaction >> balance sheet >> Formats>> Fixed Assets Chart.

Hope this Helps.

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