https://www.taxtmi.com/acts?id=50095 Two inserted sections prescribe rounding conventions under the Gift-tax Act. Section 44A requires the assessed value of taxable gifts to be rounded to the nearest multiple of ten rupees, ignoring paise and applying an upward adjustment when the last digit is five or more and downward when less than five; the rounded amount is deemed the value of all taxable gifts. Section 44B requires gift-tax, interest, penalties, fines, other sums payable and refunds to be rounded to the nearest whole rupee, increasing fractional parts at or above fifty paise and ignoring smaller fractions. en-us Tue, 04 Mar 2025 11:47:37 +0530 Tue, 04 Mar 2025 11:47:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=50095 Two inserted sections prescribe rounding conventions under the Gift-tax Act. Section 44A requires the assessed value of taxable gifts to be rounded to the nearest multiple of ten rupees, ignoring paise and applying an upward adjustment when the last digit is five or more and downward when less than five; the rounded amount is deemed the value of all taxable gifts. Section 44B requires gift-tax, interest, penalties, fines, other sums payable and refunds to be rounded to the nearest whole rupee, increasing fractional parts at or above fifty paise and ignoring smaller fractions. Act-Rules F. Acts / Amendment Acts Tue, 04 Mar 2025 11:47:37 +0530 https://www.taxtmi.com/acts?id=50095