In fy 21-22, a company's turnover was less than 100 crores and therefore it had rounded up the figures in financial statements to the nearest hundred. However, in fy 22-23, the Company has a turnover exceeding 100 crores. Does it therefore have to round up the figures to the nearest lakh or can it continue with rou ding off to the nearest hundred for uniformity sake?
Sanjay Merchant
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Rounding off amounts in schedule III
Replies (1)
It has to roundoff to nearest lakhs and then also apply same uniformity to previous year's comparables.
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