CA Inter P1 · Chapter 9 · Question 9 of 10
Under Schedule III, a company whose turnover is less than ₹100 crore may round off the figures in its financial statements to the nearest:
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: A) Hundreds, thousands, lakhs or millions, or decimals thereof
Explanation
Schedule III allows a company with turnover of less than ₹100 crore to round off figures to the nearest hundreds, thousands, lakhs or millions, or decimals thereof. Rounding to crores is permitted only for companies with turnover of ₹100 crore or more, which may round to lakhs, millions or crores.
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