What is Rounding off of income? What is Rounding off amount payable and refund due? Section 288A and 288B of Income Tax Act 1961

Rounding off of income and Rounding off amount payable and refund due are defined under section 288A and 288B of Income Tax Act 1961. Provisions under these Sections are:

Section 288A of Income Tax Act "Rounding off of income Rounding off amount payable and refund due"

288A. The amount of total income computed in accordance with the foregoing provisions of this Act shall be rounded off to the nearest multiple of ten rupees and for this purpose any part of a rupee consisting of paise shall be ignored and thereafter if such amount is not a multiple of ten, then, if the last figure in that amount is five or more, the amount shall be increased to the next higher amount which is a multiple of ten and if the last figure is less than five, the amount shall be reduced to the next lower amount which is a multiple of ten; and the amount so rounded off shall be deemed to be the total income of the assessee for the purposes of this Act.

 

Section 288B of Income Tax Act "Rounding off amount payable and refund due"

288B. Any amount payable, and the amount of refund due, under the provisions of this Act shall be rounded off to the nearest multiple of ten rupees and for this purpose any part of a rupee consisting of paise shall be ignored and thereafter if such amount is not a multiple of ten, then, if the last figure in that amount is five or more, the amount shall be increased to the next higher amount which is a multiple of ten and if the last figure is less than five, the amount shall be reduced to the next lower amount which is a multiple of ten.

 

Income Tax Act 1961

What is Provisional attachment to protect revenue in certain cases? What is the form of Service of notice generally? Section 281B and 282 of Income Tax Act 1961

What is Authentication of notices and other documents? What is Service of notice when family is disrupted or firm, etc., is dissolved? Section 282A and 283 of Income Tax Act 1961

What is Service of notice in the case of discontinued business? What is Submission of statement by a non-resident having liaison office? Section 284 and 285 of Income Tax Act 1961

What is Furnishing of information or documents by an Indian concern in certain cases? What is Submission of statements by producers of cinematograph films? Section 285A and 285B of Income Tax Act 1961

What is Obligation to furnish statement of financial transaction or reportable account? What is Publication of information respecting assessees in certain cases? Section 285BA and 287 of Income Tax Act 1961

What is Appearance by registered valuer in certain matters? What is Appearance by authorised representative? Section 287A and 288 of Income Tax Act 1961

What is Rounding off of income? What is Rounding off amount payable and refund due? Section 288A and 288B of Income Tax Act 1961

What is the meaning Receipt to be given? What is Indemnity? What is Power to tender immunity from prosecution? Section 289, 290 and 291 of Income Tax Act 1961

What is Cognizance of offences? Section 360 of the Crpc and the Probation of Offenders Act, 1958, not to apply? What is the meaning of Return of income, etc., not to be invalid on certain grounds? Section 292, 292A and 292B of Income Tax Act 1961

What is Notice deemed to be valid in certain circumstances? What is Presumption as to assets, books of account, etc? Section 29bb and 292C of Income Tax Act 1961

What is Authorisation and assessment in case of search or requisition? What is Bar of suits in civil courts? Section 292CC and 293 of Income Tax Act 1961