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of <h1>Taxation Laws (Amendment) Act 2006: New Section 288B Rounds Tax Amounts to Nearest Ten Rupees</h1> Section 288B of the Income-tax Act has been replaced by a new provision under the Taxation Laws (Amendment) Act, 2006. This new section mandates that any amount payable or refundable under the Act must be rounded to the nearest multiple of ten rupees. Paise are disregarded, and if the last digit of the amount is five or more, it is rounded up to the next multiple of ten. If the last digit is less than five, it is rounded down to the nearest multiple of ten.
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