Round-off is part of legal compliance in India Taxation as per Section 170 of the CGST Act and 288B of Income Tax Act, the correct method of rounding off is normal rounding. So, all the amounts of tax, interest, penalty, refund, or any other amount payable should be rounded off to the nearest rupee as… Continue reading Tax rounding option in Indian accounts
Tag: tax rounding precision
Solve 0.01 amount discrepancy in invoices
While adding item lines in the invoice in NetSuite, the amount in the item line is modified automatically. The issue happens due to the “0.01 and Below” set in the “Tax Rounding Precision” field in the customer record. To prevent a 0.01 amount discrepancy in invoices and ensure accurate data, our initial step is to… Continue reading Solve 0.01 amount discrepancy in invoices