Saturday, September 11, 2010

Rounding Off of Income

Friends,
                    As per Income Tax Act under section 288A,Total Income computed in accordance with the foregoing provisions, should be rounded off nearest in the multiple of ten(10) rupee.  While rounding off total income,  Paise in Total  Income shall be ignored.  To explain more some examples are given as under:-

Your Total Income =  Indian Rupee symbol.svg 340380.15 , will be rounded off as   Indian Rupee symbol.svg 340380.00
Your Total Income =  Indian Rupee symbol.svg  340385.15 , will be rounded off   as   Indian Rupee symbol.svg 340390.00
Your Total Income =  Indian Rupee symbol.svg 340389.15 , will be rounded off as   Indian Rupee symbol.svg 340390.00
Your Total Income =  Indian Rupee symbol.svg  340384.15 , will be rounded off  as    Indian Rupee symbol.svg 340380.00
Your Total Income =  Indian Rupee symbol.svg  340390.00 , will be rounded off   as   Indian Rupee symbol.svg 340390.00

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