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of <h1>Finance Act, 1966: New Sections 288A and 288B Simplify Tax Calculations by Rounding Off Income and Returns.</h1> The Finance Act, 1966, introduces new sections 288A and 288B to the Income-tax Act. Section 288A mandates rounding off the total computed income to the nearest multiple of ten rupees, adjusting amounts based on whether the last digit is five or more. Section 288B requires rounding off tax, interest, penalties, fines, and refunds to the nearest rupee, adjusting amounts based on whether the fractional part is fifty paise or more. These provisions aim to simplify the calculation and payment of taxes by eliminating minor discrepancies in amounts.
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