Part DCA - Safe Harbour Rules for income referred to in clause (i) of sub-section (1) of section 9 chargeable to tax under the head (From Rule 10TI to Rule 10TIC)
Interest calculation rules require rounding of periods and amounts for annual and monthly computation under income tax law. Interest under the Income-tax Rules is calculated by rounding the period to whole months for annual computation, treating any fraction of a month as a full month where interest is charged monthly or for part of a month, and rounding the underlying amount to the nearest multiple of one hundred rupees.
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Provisions expressly mentioned in the judgment/order text.
Interest calculation rules require rounding of periods and amounts for annual and monthly computation under income tax law.
Interest under the Income-tax Rules is calculated by rounding the period to whole months for annual computation, treating any fraction of a month as a full month where interest is charged monthly or for part of a month, and rounding the underlying amount to the nearest multiple of one hundred rupees.
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