Round off income and tax

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This query is : Resolved

MR. B (Querist)

16 April 2015 CAN ANY ONE TELL ME THAT WHY THE CONCEPT OF INCOME ROUND OFF AND INCOME TAX ROUND OFF IS THERE (SECTION 288A AND 288NB)

CA AnKiT BoHrA (AB)

CA AnKiT BoHrA (AB) (Expert)

16 April 2015 To avoid difficulty in calculation of taxable amount and to facilitate easy of payment of tax liability

MR. B

MR. B (Querist)

16 April 2015 CAN U ELABORATE HOW IN DIFFICULTY IN TAX CALCULATION.

HOW DIFFICULTY IN PAYMENT OF TAX IN CASE OF E-PAYMENT , I CAN UNDERSTAND IN CASE OF MANUAL PAYMENT

CA AnKiT BoHrA (AB)

CA AnKiT BoHrA (AB) (Expert)

16 April 2015 and that rule is from starting... and its always easy to calculate things in round off dear rather than having calculations in points....

MR. B

MR. B (Querist)

16 April 2015 I'M TALKING ABOUT FRACTION RATHER I'M TALKING ABOUT OTHER THAN FRACTION I.E.SAY 7005 OR 7006 OR 7009 AND SO ON..

CA AnKiT BoHrA (AB)

CA AnKiT BoHrA (AB) (Expert)

16 April 2015 ya i know.. and the only reason i found is that to easy in payment and calculation of taxes in round off.. even salary, many taxes are paid in round off in many corporates..... people found it much easy when amount seems in round off to remember, to learn....

MR. B

MR. B (Querist)

16 April 2015 IF U DON'T MIND..........
IN SERVICE TAX NOW E-PAYMENT IS COMPULSORY THEN Y CONCEPT OF ROUND OFF EVEN FRACTION AMOUNT

CA AnKiT BoHrA (AB)

CA AnKiT BoHrA (AB) (Expert)

16 April 2015 stil u not getting.. its not only for payment purpose.. its always useful to avoid hectic calculations ... presumptive tax calculatins, budgets, advance taxes...,learning...

in a simple way when ever we have to remember ten amounts having fractin or like 58 63 16569 etc etc... its tough.. and when these amounts are in round off , it became easy to use..

waise Rules are Rules, many rules are there for which there is not explanation avaiable.. but stil they are in existence

MR. B

MR. B (Querist)

16 April 2015 OK I AGREED WITH U THAT IT IS DIFFICULT TO REMEMBER LIKE 58 63 16569

NOW PLEASE GIVE ME ANSWER OF MY QUESTION

HERE U R TALKING ABOUT ONLY ONE CONTAIN OF FINANCIAL STATEMENT I.E. INCOME TAX WHAT ABOUT OTHER CONTAIN LIKE TEA EXP., STATIONARY ...... THESE ALL MOST OF IN FRACTION I.E. 109 ,558 ETC. THEN WHAT ABOUT THIS.

CA AnKiT BoHrA (AB)

CA AnKiT BoHrA (AB) (Expert)

16 April 2015 if i wil support u for rounding off in these exepnses...

ur next question can b

sir then if we are having tea bill @ rs 3 per tea..... why we dont round off this...

come on yaar... rules are rules.. as i said above we cant argue on that..

we cant do round off of everything..

overall one round off can b done for tax purposes only

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