288a & 288b

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

02 December 2015 As per 288A of IT Act, taxable income is rounded off to nearest multiple of 10..how tax liablity would be rounded off ??? nearest 10 or nearest rupee???

please advise..

Amol S Joglekar

Amol S Joglekar (Expert)
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02 December 2015 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.

https://www.incometaxindia.gov.in/

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