# What is Rounding off of income? What is Rounding off
amount payable and refund due? Section 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 Act 1961. Provisions under these Sections
are:
**Section 288A of Income Tax Act "Rounding off of
income Rounding off amount payable and refund due"**
Section 288A. 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.
**Section 288B of Income Tax Act "Rounding off amount
payable and refund due"** Section 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. |