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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.
ok thanks
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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