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        F. Acts / Amendment Acts

        Section 65 - Insertion of new sections 44C and 44D

        Taxation Laws (Amendment) Act, 1970
        Chapter III
        AMENDMENTS TO THE WEALTH-TAX ACT, 1957

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        Rounding rules for wealth and payable sums: net wealth rounded to nearest currency multiple; tax and refunds rounded to whole currency units. New provisions prescribe rounding conventions: computed net wealth is rounded to the nearest multiple of one hundred rupees by ignoring paise and applying midpoint rounding, and wealth-tax, interest, penalty, fines and refunds are rounded to the nearest whole rupee by treating paise of fifty paise or more as one rupee and ignoring lesser paise.
                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.

                                Rounding rules for wealth and payable sums: net wealth rounded to nearest currency multiple; tax and refunds rounded to whole currency units.

                                New provisions prescribe rounding conventions: computed net wealth is rounded to the nearest multiple of one hundred rupees by ignoring paise and applying midpoint rounding, and wealth-tax, interest, penalty, fines and refunds are rounded to the nearest whole rupee by treating paise of fifty paise or more as one rupee and ignoring lesser paise.


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