Rounding rules for undisclosed foreign income require prescribed nearest monetary multiples for valuation and payments. Rounding off under the Act requires undisclosed foreign income and asset amounts, as computed under the Act, to be rounded to the nearest multiple of one hundred rupees, while any payable or receivable amounts under the Act must be rounded to the nearest multiple of ten rupees; the precise method for applying these rounding rules is to be prescribed.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Rounding rules for undisclosed foreign income require prescribed nearest monetary multiples for valuation and payments.
Rounding off under the Act requires undisclosed foreign income and asset amounts, as computed under the Act, to be rounded to the nearest multiple of one hundred rupees, while any payable or receivable amounts under the Act must be rounded to the nearest multiple of ten rupees; the precise method for applying these rounding rules is to be prescribed.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.