Schedule 3 automatically appears when your Purchases/Importation of Capital Goods’ net exceeds 1M pesos.
STEP 1: To start, simply fill out the form with the necessary information such as Date of purchase, amount, tax, description of Capital Goods, and Estimated useful life (max of 60 months). Hit the Save button to proceed.
STEP 2: This will then reflect on your VAT return’s Schedule 3.
NOTE: This screenshot is from a 2550M (line number 18C/D) tax form.
STEP 3: To view the summary of all your capital goods, along with the Amount, Balance of Input Tax, and Remaining Life, go to the Amortization tab.
You can also check this blog to read more about the Updated Rule on Amortization of Input VAT on Capital Goods based on TRAIN Law (RR No. 13-2018).