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:
- If the amount is 50 paise or more, round it up to the next whole rupee.
- 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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