Interest u/s 234a, b ,c

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Nikhith (Querist)
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16 February 2012 for calculating interest.the tax payable should be rounded to ? for eg. its 25367 it should be roundedd off to ?
Thanks in advance

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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16 February 2012 Tax payable should be rounded off to the nearest 10. So, Rs. 24,367 shall be rounded off to Rs. 24,370.

CA. Pradeep Nayak

CA. Pradeep Nayak (Expert)
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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.

Nikhith

Nikhith (Querist)
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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 ?

Nikhith

Nikhith (Querist)
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16 February 2012 for calculating interest u/s 234 a,b,c tax payable of Rs. 25370 should be rounded off to

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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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

Nikhith

Nikhith (Querist)
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23 February 2012 for calculation of interest the tax payable of rs. 25370 should be rounded off to ? some say previous hundred ? is that right?

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