Rounding of tax amounts: statutory rule directs rounding payable and refundable sums to the nearest whole currency unit. Section 170 prescribes that amounts of tax, interest, penalty, fine or any other sum payable, and amounts of refund or any other sum due under the Act, ... Summary
Rounding of tax amounts: statutory rule directs rounding payable and refundable sums to the nearest whole currency unit.
Section 170 prescribes that amounts of tax, interest, penalty, fine or any other sum payable, and amounts of refund or any other sum due under the Act, shall be rounded off to the nearest rupee: fractional parts of a rupee of fifty paise or more are increased to one rupee, and fractional parts less than fifty paise are ignored.
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