288A Income Tax Act - Rounding off of income

Section 288a of Income Tax Act 1961 - Rounding off of income

1,2The amount of total income computed in accordance with the foregoing 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; and the amount so rounded off shall be deemed to be the total income of the assessee for the purposes of this Act.

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1. Ins. by Act 13 of 1966, s. 34 (w.e.f. 1-4-1966).
2. Subs. by Act 19 of 1968, s. 30 and the Third Schedule, for "(1) Subject to the provisions of sub-section (2), the amount of total income" (w.e.f. 1-4-1969).
3. Sub-section (2) and Explanation, omitted by s. 30 and the Third Schedule, ibid. (w.e.f. 1-4-1969)