TaxTMI Login
Just a moment...
By creating an account you can:
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All TMI Notes
of of All TMI Notes
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Income Tax Bill 2025 Clause 516 expands rounding provisions to include total income computation beyond current payable refundable amounts</h1> The Income Tax Bill 2025's Clause 516 expands rounding off provisions beyond the current Section 288B of the Income-tax Act 1961. While Section 288B only applies to amounts payable and refundable, Clause 516 includes total income computation. Both provisions use identical methodology: ignore paise, then round to nearest multiple of ten rupees based on the last digit being five or more (round up) or less than five (round down). Clause 516 provides clearer drafting with sub-clauses and explicitly states rounded amounts are 'deemed' to be the operative figures. This expansion ensures uniformity across all tax computations, reduces administrative burden, and eliminates disputes over fractional amounts. The change aligns with digitalization trends and administrative efficiency goals while maintaining the ten-rupee rounding standard established in 2006.
TaxTMI 
