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Total income of an assessee

Others 234 views 3 replies

Chanchal Jain

16 Points Posted on 03 March 2019

How is total income of an assessee rounded off?

Replies (3)

Deepak Gupta

CA Student

15932 Points Posted on 04 March 2019

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.

Chanchal Jain

16 Points Posted on 04 March 2019

ok thanks

Priya Kashyap

Student

7053 Points Posted on 04 March 2019

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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