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Rounding off Amount Payable and Refund Due – Sec 288B

The amount of tax payable and the amount of refund due is to be round off to

  • paise is to be ignored.
  • next multiple of ten if the last figure is 5 or more.
  • previous multiple of ten if the last figure is less than 5.

Bare Act of Sec 288B

Bare Act of Sec 288B

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.

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