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penalty

Dineshbhai Parmar (1 Points)

29 July 2018

penalty should be levied in nearest rs. 10. or rs. 100

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4 Replies

RAJA P M ("Do the Right Thing...!!!") (128111 Points)
Replied 29 July 2018

Where is this penalty you asking...?
Can you explain...

Kalpesh Chaudhary (12 Points)
Replied 29 July 2018

refer Sec 288b

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Vinod Babu (24196 Points)
Replied 30 July 2018

Section 288B: Rounding off Income Tax

As per Section 288B of the income tax act, the total tax computed shall be rounded off to the nearest Rs 10. The rounding off of tax would be done on the total tax payable or refundable and not to various different sub-heads of taxes like income tax, education cess, surcharge etc.

Rounding off would be done in the same manner as above i.e. firstly paise would be ignored and thereafter if the last digit in the total figure is 5 or greater than 5, the total amount should be increased to the next higher amount which is a multiple of Rs. 10.

RAJA P M ("Do the Right Thing...!!!") (128111 Points)
Replied 30 July 2018

ஐய்யோ சாமி, காப்பி, பேஸ்ட் யாருக்கு தான்டா பண்ண தெரியாது பாய்ன்ட்காக எல்லாத்துலயும் வாய் வைக்க ஆரம்பிச்சுட்டே.... லைக்கும் உன் இஷ்டத்துக்கு 10 அக்கவுன்ட் ஒப்பன் பண்ணி லைக் போடறே... இதுல கூடவா உங்க புத்திய காட்டனும் கடவுளே