Rounding of tax mandates rounding of tax, interest, penalties and refunds to the nearest monetary unit; half-unit rounds up. Section 44D requires rounding off wealth-tax, interest, penalties, fines, other sums payable and refunds to the nearest whole monetary unit; fractional parts equal to or exceeding one half are increased to the next unit, and fractional parts less than one half are ignored.
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 of tax mandates rounding of tax, interest, penalties and refunds to the nearest monetary unit; half-unit rounds up.
Section 44D requires rounding off wealth-tax, interest, penalties, fines, other sums payable and refunds to the nearest whole monetary unit; fractional parts equal to or exceeding one half are increased to the next unit, and fractional parts less than one half are ignored.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.