Round off 288a of income tax
Querist : Anonymous
I have filled my return with tax liability of 1716/- but i have not paid
the tax in round figure u/s 288A of 1720/- pls suggest me in this case weather assessing officer may levy interest or any penalty as to not paid the tax in round figure if yes what is the interest & penalty provision in this scenario
Best Regards
Kamal prakash
and how much you have paid....NIL?
penalty is not levied.
if tax amount is upto 10,000, dvance tax is not required to be paid.....section 208.
Querist : Anonymous
If tax amount is upto 10000 but my query is before round off tax was 1716/- which i have paid? Actually i should i have paid Rs. 1720/- in round figure u/s 288A so pls tell me as i have voilated the provision of round off hence AO may levy any penalty on voilation of sec 288A
"Materiality" is a major concern of levying penalty.
Mathematically speaking, there may be a difference of INR10, which is IMMATERIAL...No need to over stretch the words of the section. Ok?
Querist : Anonymous
No penalty will be levy right,
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