As per the Income Tax Section 288 A and 288 B which is clearly mentioned in the Income Tax Act 1961 and the Gazette of India which published on July 14, 2006, that the Income Tax Payable must be Round Off to the Next Rs.10.as per the Income Tax Section 288 A and 288 B." “288B.
Showing posts with label Tax payable must be Round Off as per Income Tax Section 288B. Show all posts
Showing posts with label Tax payable must be Round Off as per Income Tax Section 288B. Show all posts
Friday, 15 September 2017
Monday, 7 July 2014
As per the Income Tax Section 288 A and 288 B which is clearly mentioned in the Income Tax Act 1961 and the Gazette of India which published on July 14, 2006 that the Income Tax Payable must be Round Off to the Next Rs.10.as per the Income Tax Section 288 A and 288 B." “288B.
" Any amount payable, and the amount of refund due, under the provisions of this Act shall be rounded off to the nearest multiple of ten rupees and for this purpose any part of a rupee consisting of paise shall be ignored and thereafter if such amount is not a multiple of ten, then, if the last figure in that amount is five or more, the amount shall be increased to the next higher amount which is a multiple of ten and if the last figure is less than five, the amount shall be reduced to the next lower amount which is a multiple of ten.".( As per the Gazette Notification Dated 14th July 2006.
And also as per the Income Tax Department's Web Site clearly mentioned that the Income Tax Payable must be Round Off U/s 288 A and U/s 288 B , but when the Income Tax deposited in to the Central Govt Account the Letter comes from the TRACES as Short Deduction, why this notice serve by the TRACES it is not feasible to make out.
As per the Income Tax Section it is Clearly Mentioned that if the Taxable Amount is Rs. 5254/- it must be Round off as 5250/- , if the Amount is 5256/- it is calculate as 5260/-( Next to the nearest 10).
In this regard the question is arise that why the TRACE serve the Short Deduction notice to the Govt or Non Govt Concern ? and if get this Notice, so what can do the Concerned as the Income Tax Section have not omission or Amended the Tax Act 1961.
You can view the Income Tax Section through the Income Tax Department's Site Section 288 A
You can view the Income Tax Section through the Income Tax Department's Site Section 288 B
Click here to Download the Gazette about Income Tax Section 288 B
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