ROUNDING-OFF - Taxation
BASIC PRINCIPLES OF TAXATION
ROUNDING-OFF OF TOTAL INCOME
[SEC. 288A]
The total income so computed will have to be rounded off to the nearest multiple of ` 10, i.e., if the last figure in the
‘rupee element’ is ` 5 or more, it should be rounded off to the next higher amount, which is a multiple of ` 10. The
‘paise’ element should be ignored. Thus, if the total income works out to ` 41,645, it should be rounded off to `
41,650, but if it works out to 41,644.98, it should be rounded off to ` 41,640.
ROUNDING-OFF OF TAX [SEC. 288B]
The tax calculated on the total income should be rounded off to the nearest ` 10. Amount of tax (including TDS or
advance tax), interest, penalty, etc. and refund shall be rounded off to the nearest ` 10.
Demo Classes of Tax by Prof. Vinit Sir: https://www.conceptonlineclasses.com/demovideos
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