16 February 2012
For interest u/s 234A,B,C the tax shortfall amount is rounded off to the previous hundred. Tax is to be rounded off to the nearest rupee.
16 February 2012
so pradeep sir u mean the tax payable should be first rounded of to nearest rupee i.e 25367 to 25370 and for caln of interest 25370 now should be rounded off to Rs. 25300 ?
19 February 2012
As per section 288B of the Income tax Act,1961 the tax payable shall be rounded of to the nearest multiple of 10 rupees. Therefore, in your case it should be rounded off to Rs.25,370.00
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