Rounding off total income to the nearest multiple of ten standardizes the final rupee figure before tax computation. Total income is first truncated by ignoring any paisa; the resulting whole-rupee amount is then rounded to the nearest multiple of ten-rounding up if the units digit is five or more and rounding down if it is less than five-and the amount so rounded is the total income for tax computation.
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 off total income to the nearest multiple of ten standardizes the final rupee figure before tax computation.
Total income is first truncated by ignoring any paisa; the resulting whole-rupee amount is then rounded to the nearest multiple of ten-rounding up if the units digit is five or more and rounding down if it is less than five-and the amount so rounded is the total income for tax computation.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.