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Total income of an assessee
How is total income of an assessee rounded off?
Replies (3)
First ignore paise. Then, if the last figure is 5 or more, increase it to multiple of 10 otherwise reduce it to multiple of ten. Eg: 3,75,237 will be 3,75,240 and 3,75,234.75 will be 3,75,230. Refer Section 288A.
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both total income and tax liability are rounded off by ignoring paisa and rounding off the last figure to the nearest multiple of 10...
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