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of <h1>Net wealth under Section 44C of the Wealth Tax Act, 1957 must be rounded to the nearest hundred rupees.</h1> Section 44C of the Wealth Tax Act, 1957 mandates that the net wealth of an assessee, calculated according to the Act's provisions, must be rounded to the nearest multiple of one hundred rupees. Any fraction of a rupee is disregarded. If the remaining amount has a fraction of one hundred rupees that is fifty or more, it is rounded up to the next hundred. If it is less than fifty, it is rounded down. This rounded amount is considered the net wealth for the purposes of the Act.
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