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Home Bare Acts Phrase: roundedWealth-tax Act, 1957 Section 44C
Title: Rounding off of Net Wealth
State: Central
Year: 1957
1[44C. Rounding off of net wealth The amount of net wealth computed in accordance with the foregoing provisions of this Act shall be rounded off to the nearest multiple of one hundred rupees and, for this purpose, any part of a rupee consisting of paise shall be ignored and thereafter, if such amount contains a part of one hundred rupees, then, if such part is fifty rupees or more, the amount shall be increased to the next higher amount which is a multiple of one hundred and, if such part is less than fifty rupees, the amount shall be reduced to the next lower amount which is a multiple of one hundred; and the amount so rounded off shall be deemed to be the net wealth of the assessee for the purposes of this Act. ________________________ 1. Sections 44C and 44D inserted by Act 42 of 1970, section 65 w.e.f. 1-4-1971.
View Complete Act List Judgments citing this sectionGift-tax Act, 1958 [Cease to Have Effect on or After the 01.10.1998] Section 44A
Title: Rounding off of Taxable Gifts
State: Central
Year: 1958
1[44A. Rounding off of taxable gifts The amount assessed in accordance with the foregoing provisions of this Act as being the value of all taxable gifts 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 rupees, 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 value of all taxable gifts of the assessee for the purposes of this Act: _________________________ 1. Inserted by Act 42 of 1970, section 70 w.e.f. 1-4-1971.
View Complete Act List Judgments citing this sectionIncome Tax Act, 1961 Section 288B
Title: Rounding off of Tax, Etc.
State: Central
Year: 1961
.....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.] _______________________________ 1. Substituted by the Taxation Laws (Amendment) Act, 2006, with effect from 13th July, 2006. Prior to substitution, section 288B stood as under: "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 a rupee consisting of paise then, if such part is fifty paise or more, it shall be increased to one rupee and if such part is less than fifty paise it shall be ignored."
View Complete Act List Judgments citing this sectionKarnataka Motor Vehicles Taxation Act, 1957 Section 4A
Title: Rounding off of Tax, Etc
State: Karnataka
Year: 1957
Section 4A - Rounding off of tax, etc 1[4A. Rounding off of tax, etc The amount of tax (including tax payable in advance), penalty or any other amount payable and the amount of refund due, under this Act shall be rounded off to the nearest rupee and for this purpose, where such amount contains, a part of a rupee consisting of paise, then, if such part is fifty paise or more, it shall be increased to one rupee and if such part is less than fifty paise, it shall be ignored.] _______________________________ 1. Inserted by Act 14 of 1989 w.e.f. 1.4.1989.
View Complete Act List Judgments citing this sectionKarnataka Entertainments Tax Act, 1958 Section 8A
Title: Rounding off of Tax Etc
State: Karnataka
Year: 1958
Section 8A - Rounding off of tax etc 1[8A. Rounding off of tax etc. The amount of tax in respect of each payment for admission,2[x x x]3[x x x] fine, penalty, or any other amount payable and the amount of refund due, under the provisions of this Act, shall be rounded off4[to the next higher multiple of five paise]] _________________________ 1. Inserted by Act 36 of 1976 w.e.f. 1.4.1976 2. Omitted by Act 18 of 1997 w.e.f. 20.9.1997. 3. Omitted by Act 13 of 1982 w.e.f. 1.7.1982. 4. Substituted by Act 5 of 1981 w.e.f. 4.4.1981.
View Complete Act List Judgments citing this sectionKarnataka Sales Tax Act, 1957 Section 17A
Title: Rounding off of Tax, Etc.
State: Karnataka
Year: 1957
Section 17A - Rounding off of tax, etc. 1 [17A. Rounding off of tax,etc. The amount of tax (including tax payable in advance), penalty or any other amount payable and the amount of refund due, under this Act shall be rounded off to the nearest rupee and, for this purpose, where such amount contains a part of a rupee consisting of paise, then, if such part is fifty paise or more, it shall be increased to one rupee and if such part is less than fifty paise, it shall be ignored.] ________________________________ 1. Inserted by Act 5 of 1972 w.e.f. 14.8.1972.
View Complete Act List Judgments citing this sectionCentral Sales Tax Act, 1956 Section 9B
Title: Rounding off of Tax, Etc
State: Central
Year: 1956
Rounding off of tax, etc. 1 The amount of tax, 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 rupees and, for the purpose, where such amount contains a part of a rupee consisting of paise, then, if such part is fifty paise or more, it shall be increased to one rupee and if such part is less than fifty paise, it shall be ignored: Provided that nothing in this section shall apply for the purpose of collection by a dealer of any amount by way of tax under this Act in respect of any sale by him of goods in the course of inter-State trade or commerce.] _____________________ 1.Inserted by Act 61 of 1972, section 7 w.e.f. 1-4-1973.
View Complete Act List Judgments citing this sectionIncome Tax Act, 1961 Section 288A
Title: Rounding off of Income
State: Central
Year: 1961
The 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.
View Complete Act List Judgments citing this sectionCompulsory Deposit Scheme (Income Tax Payers) Act, 1974, Section 15
Title: Rounding off
State: Central
Year: 1974
(1) The amount of the current income, correct income and compulsory deposit 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 often and if the last figure is less than five, the amount shall be reduced to the next lower amount which is a multiple often. Explanation.-- In this sub-section, "current income" and "correct income" have the meanings respectively assigned to them in Sub-section (3) of Section 4 and Sub-section (2) of Section 6. (2) The amount of penalty payable under the provisions of this Act shall be rounded off to the nearest rupee and, for this purpose where such amount contains apart of a rupee consisting of paise, then, if such part is fifty paise or more, it shall be increased to one rupee and if such part is less than fifty paise, it shall be ignored.
View Complete Act List Judgments citing this sectionCentral Excise Act, 1944 Section 37D
Title: Rounding off of Duty, Etc.
State: Central
Year: 1944
1[37D. Rounding off of duty, etc. The amount of duty, interest, penalty, fine or any other sum payable, and the amount of refund or any other sum 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 a rupee consisting of paise then, if such part is fifty paise or more, it shall be increased to one rupee and if such part is less than fifty paise it shall be ignored.] _______________________ 1. Inserted by Act 12 of 1990, section 65 (w.e.f. 31-5-1990).
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