As per the Income Tax Section 288 A and 288 B which is clearly mentioned in the Income Tax Act 1961 and the Gazette of India which published on July 14, 2006, that the Income Tax Payable must be Round Off to the Next Rs.10.as per the Income Tax Section 288 A and 288 B." “288B.
Prepare at a time 100 employees Automated Income Tax Form 16 Part A & B for F.Y.2017-18 & A.Y.2018-19 [This Excel Utility can be prepared at a time 100 Employees Form 16 Part B for F.Y.2017-18 Click to Download
" 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 the Gazette Notification Dated 14th July 2006.
And also as per the Income Tax Department's Web Site clearly mentioned that the Income Tax Payable must be Round Off U/s 288 A and U/s 288 B , but when the Income Tax deposited into the Central Govt Account the Letter comes from the TRACES as Short Deduction, why this notice serve by the TRACES it is not feasible to make out.
As per the Income Tax Section, it is Clearly Mentioned that if the Taxable Amount is Rs. 5254/- it must be Round off as 5250/- if the Amount is 5256/- it is calculated as 5260/-( Next to the nearest 10).
Prepare at a time 50 employees Automated Income Tax Form 16 Part A & B for F.Y.2017-18 & A.Y.2018-19 [This Excel Utility can be prepared at a time 50 Employees Form 16 Part B for F.Y.2017-18 Click to Download
In this regard, the question is arise that why the TRACE serve the Short Deduction notice to the Govt or Non-Govt Concern ? and if get this Notice, so what can do the Concerned as the Income Tax Section have not the omission or Amended the Tax Act 1961.
