Salary round off
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 December 2014
I draw your attention to Point e under “Certain essential points regarding the…..” under section 4.6.1 in the salary TDS circular for FY 2014-15.
http://www.incometaxindia.gov.in/communications/circular/circular17_2014.pdf
This point seems to state that the total taxable income should be displayed without rounding it off to the nearest 10 Rupees in Form 24Q4 (annexure II) and calculate tax accordingly. Please see the example provided in the circular.
Is this not in conflict with Section 288A which provides for rounding off of the total income to the nearest 10 Rupees?
In fact, the last sentence of Section 9.1 (d) states in the same circular states that the income should be rounded off.
Your thoughts, please.
http://www.incometaxindia.gov.in/communications/circular/circular17_2014.pdf
This point seems to state that the total taxable income should be displayed without rounding it off to the nearest 10 Rupees in Form 24Q4 (annexure II) and calculate tax accordingly. Please see the example provided in the circular.
Is this not in conflict with Section 288A which provides for rounding off of the total income to the nearest 10 Rupees?
In fact, the last sentence of Section 9.1 (d) states in the same circular states that the income should be rounded off.
Your thoughts, please.
11 December 2014
circular cannot override law so sec 288A shall be prevailing on circular
12 December 2014
dear sir
pls take the income as actul not the rounded off otherwise you are facing revised return pay intt and tax again & again.
pls take the income as actul not the rounded off otherwise you are facing revised return pay intt and tax again & again.
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