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of <h1>Rule 12 of Wealth Tax Rules: Interest Calculation Guidelines Simplified, with Rounding Rules for Months and Amounts</h1> Rule 12 of the Wealth Tax Rules, 1957, details the procedure for calculating interest payable by or to the assessee under the Act. When interest is calculated annually, any fraction of a month is ignored, rounding the period to whole months. For monthly calculations, any fraction of a month is treated as a full month. The tax, penalty, or other sums for interest calculation are rounded to the nearest hundred rupees, ignoring fractions. These rules ensure consistency in interest calculations for wealth tax purposes. The rule was amended in 1989 to include these provisions.
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