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of <h1>Rule 119A: Interest Calculation for Income Tax Rounded to Whole Months and Nearest Hundred Rupees</h1> Rule 119A of the Income Tax Rules, 1962, outlines the procedure for calculating interest payable by or to the assessee under the Act. When interest is calculated annually, any fraction of a month is ignored, rounding the period to whole months. For monthly calculations, any fraction of a month is considered a full month. Additionally, the tax, penalty, or other sums involved are rounded to the nearest hundred rupees, disregarding fractions of one hundred rupees. These rules ensure consistency and standardization in interest calculations.
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