Can anyone plz tell me what are the provisions for rounding off of TDS amount calculated???
Can anyone plz tell me what are the provisions for rounding off of TDS amount calculated???
Rounding off is done to nearest Rupee.
Dear Sir
Text of section 288B of Income Tax Act is as follows-
"288B. Any amount payable, and the amount of refund due, under the provisions of this Act shall be rounded off to the nearest multiple of ten rupees and for this purpose any part of a rupee consisting of paise shall be ignored and thereafter if such amount is not a multiple of ten, then, if the last figure in that amount is five or more, the amount shall be increased to the next higher amount which is a multiple of ten and if the last figure is less than five, the amount shall be reduced to the next lower amount which is a multiple of ten.]"
As per this section any amount payable also include TDS, so whether TDS should be rounded off to multiple of rupee ten or repuee one?
Plz help!!!!!!!!
Section is says about total liability payable to Department not about Individual counter party.
As a general practice, we could round off it nearest to Rupee.
CAclubindia
