Revised schedule vi

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anurag hans (Querist)
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05 June 2012 Dear Friends,

Please tell me about the changes regarding rounding off to nearest rupee 100 or decimal thereof with some examples

Let say i have a figure RS. 1,32,534 how it can be presented in revised schedule VI.

Thanks & Regards
Anurag Hans

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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05 June 2012 Firstly, it is not compulsory to apply rounding off and a company can continue to disclose full figures. But, if the rounding off is applied, requirements of Schedule VI shall be complied with.

As per Revised Schedule VI, method of rounding off depends on the turnover of the company.

If turnover is less than Rs. 100 Crores - Round
off to the nearest Hundreds, thousands,
lakhs or millions or decimal thereof (as per the choice of the company)

If Turnover exceeds Rs. 100 Crores - Round
off to the nearest lakhs, millions or
crores, or decimal thereof (as per the choice of the company)

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