Insertion of new sections 288A and 288B
34. After section 288 of the Income-tax Act, the following
sections shall be inserted, namely:—
Click here to view the Section 288A & 288B as per IncomeTax Act 1961
Click here to view the Section 288A & 288B as per IncomeTax Act 1961
Rounding off of income
'288A, (1) Subject to the provisions of sub-section
(2), the amount of total income computed in accordance with the foregoing
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; and the amount so rounded off Shall be deemed to be
the total income of the assessee for the purposes of this Act.
(2) If the total income of the assessee includes earned
income chargeable under any head, the adjustment under subsection (1)
shall, to the extent possible, be made in computing such earned income and, as
to the balance, if any, against any other income; and if there is no earned
income, the adjustment shall be made in computing any other income under any
head.
Explanation.—In this section, the expression
"earned income" has the meaning assigned to it in the Finance Act of
the relevant year.
Rounding off of tax etc.
288B. The amount of tax (including tax deductible at source or
payable in advance), interest, penalty, fine or any other sum payable, and the
amount of refund due, under the provisions of this Act shall be rounded off to
the nearest rupee and, for this purpose, where such amount contains a part of a
rupee consisting of paisa, then, if such part is fifty paisa or more, it shall
be increased to one rupee and if such part is less than fifty paisa, it
shall be ignored.'
