site stats

Round off under section 288b

WebMar 26, 2016 · Insertion of new sections 288A and 288B 34. After section 288 of the Income-tax Act, the following sections shall be inserted, namely:— Click here to view the Section 288A & 288B as per ... WebJan 16, 2012 · As per this section, Total amount of taxable income calculated as per various provisions of this act shall be rounded off to nearest Rupees 10 (ten) and avoid any fraction thereto. For example, if taxable amount computed is Rs. 999995/- then it shall be rounded off as Rs.1,00,000/- and where taxable amount computed is Rs.9,99,994.50, it shall ...

Rounding off the TDS - Income Tax - CAclubindia

WebOct 31, 2024 · (Section 288b; Rounding off of Tax Liability: the final tax liability shall be rounded off to the nearest multiple of RS. 10. For this purpose any Paisa shall be ignored and if the last digit is 5 or more, such amount will be rounded off to the higher multiple. If the last digit is less than 5, such amount will be rounded off to the lower ... WebNov 12, 2024 · Section 288B-Rounding off the tax payable to multiples of Rs.1 0 (similar to Elementary Maths Rounding). Rate of Interest. Section: Interest Rate: ... Time Limit allowed under the Act for payment of Demand: 30 Days: 30 Days: 30 Days: Due date of payment of Demand: 12/12/2024: 11/11/2024: 29/01/2024: Amount Demanded (interest amount ... aquamarine hindi meaning https://holistichealersgroup.com

Income Tax -Rounding off Under Income Tax Section 288 A & 288 B

WebMar 26, 2016 · Insertion of new sections 288A and 288B 34. After section 288 of the Income-tax Act, the following sections shall be inserted, namely:— Click here to view the … WebJan 1, 2024 · Answered on January 01,2024. As per section 288B, tax payable by the taxpayer or tax refundable to the taxpayer shall be rounded off to the nearest multiple of ten, following points should be kept in mind while rounding off the tax : First, any part of the rupee consisting of any paisa should be ignored. After ignoring paisa, if such amount is ... Web92 [Rounding off amount payable and refund due.. 288B. Any amount payable, and the amount of refund due, under the provisions of this Act shall be rounded off to the nearest … baifeng wan

Rounding off amount payable and refund due.

Category:Rounding off in Income Tax TAX EXPERT

Tags:Round off under section 288b

Round off under section 288b

Know what is rounding off in Income Tax u/s 288A & 288B

WebMar 8, 2024 · Section-288B: Rounding off amount payable and refund due. 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 … WebJul 26, 2024 · 5.1 The ld. Authorized Representative of the assessee further to justify rounding off of fair market value of shares submitted that fair market value determined u/r.11UA(c) is akin to the provisions of section 288A and 288B of the Act, wherein the total income computed as well as the tax payable or refund/deduction is rounded off as per ...

Round off under section 288b

Did you know?

WebINCOME under Income Tax Act. 1956 (A) Definition of Income [Section 2(24)]: (B) Gross Total Income: (C) Total Income: (D) Rounding off of Total Income [Section 288A]: (E) How … WebSection 288B. Rounding off amount payable and refund due. According to Section 288b of Income-tax Act, 1961 : 1 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 ...

WebApr 14, 2011 · The provisions regarding rounding off of TDS amount are covered by Section 288B of the Income Tax Act 1961. These provisions are creating problems in various accounting software. Most of the TDS software are not compliant of these requirement. Even Tally does not cover this issue. 1 Like. Web1 hour ago · Tusker head coach Robert Matano has said they are not under any pressure to defend their title. The Ruaraka-based brewers have a date with Kenya Police at Nyayo Stadium in one of the Kenyan ...

WebJul 21, 2024 · Rounding Off - Rule 119A For the purpose of calculation of interest payable or receivable by the assessee, the amount on which interest is to be calculated shall be rounded off to the nearest multiple of Rs 100 and any fraction has to be ignored. Illustration If income tax liability is 143575 and 43500 has been paid as TDS/SAT For the purpose ... WebSection 288A and 288B of Income Tax Act 1961 Rounding off of income and Rounding off amount payable and refund due are defined under section 288A and 288B of Income Tax …

WebMay 30, 2024 · Q.12 How to round off the tax liability? Ans: As per section 288B , tax payable by the taxpayer or tax refundable to the taxpayer shall be rounded off to the nearest multiple of ten, following points should be kept in mind while rounding off the tax : First any part of rupee consisting of any paisa should be ignored.

WebJul 16, 2012 · Section 288B. ROUNDING OFF OF TAX, ETC.: The amount of tax (including tax deductible at source or payable in advance), interest, penalty, fine or any other sum payable, and the amount of refund due, under the provisions of this Act shall be rounded off to the nearest rupee and, for this purpose, where such amount contains a part of ... bai feng wan pillsWebMar 8, 2024 · The amended provision of section 288A is effective for financial year 2024-23 relevant to the assessment year 2024-24. In this article, you will learn detail of the … bai feng xi meaning in englishWebIncome tax for NRI. Capital gain income. Section 80 savings. House property. File TDS. Guide on income tax. Guide for professionals. How to e-file ITR. Income tax refund status. bai feng xiWebSection 288B: Rounding off Income Tax. As per Section 288B of the income tax act, the total tax computed shall be rounded off to the nearest Rs 10. The rounding off of tax would be done on the total tax payable or refundable and not to various different sub-heads of taxes like income tax, education cess, surcharge etc. bai fernWebNov 21, 2014 · Section 288B: Rounding off Income Tax. As per Section 288B of the income tax act, the total tax computed shall be rounded off to the nearest Rs 10. The rounding off … bai fengxiWebSection 288B ROUNDING OFF OF TAX, ETC. The amount of tax (including tax deductible at source or payable in advance), interest, penalty, fine or any other sum payable, and the … bai feng wan 白凤丸WebFeb 26, 2024 · How to round off the tax liability? As per section 288B, tax payable by the taxpayer or tax refundable to the taxpayer shall be rounded off to the nearest multiple of … baifernbah