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of <h1>Rounding Off Tax Fractions: Section 288B Clarifies Rupee Rounding for Tax Payments and Refunds.</h1> The circular outlines the procedure for rounding off fractions of a rupee in tax calculations under Section 288B of the Income Tax Act. When tax amounts under different minor heads, such as income tax and surcharge, include fractions, the total tax payable or refundable should be rounded to the nearest rupee. If the fraction is 50 paise or more, it is rounded up to one rupee; if less, it is ignored. This rounding is applied to the total tax amount rather than individual minor heads. The circular also addresses the issuance of sub-divided tax deduction certificates and confirms that discrepancies in rounding can be ignored.
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