Computation of total Income
This query is : Resolved
13 May 2011
Dear all
Section 288A deals with rounding off total income to the nearest multiples of 10.
For the CA exams when solving the problem we comply with 288B. DO WE HAVE TO ROUND OFF U/S 288A ALSO?
Section 288A deals with rounding off total income to the nearest multiples of 10.
For the CA exams when solving the problem we comply with 288B. DO WE HAVE TO ROUND OFF U/S 288A ALSO?
13 May 2011
Sir, first understand that, Section 288 is meant computation of total income under income tax act to compute the tax.It is not applicable to CA exam.In CA exam you have to give the correct figure.Other wise you have to put a note that,I have solved this problem after taking into the consideration of Sec 288 of Income Tax Act.Otherwise examiner may treat your calculation as incorrect one;
14 May 2011
If you will solve the problem showing complaince of section 288B, your answer may be more impressive. it is my personal opinion
14 May 2011
Agree with expert CA Krishna, quoting section while solving problems in Income Tax gets more attention to evaluator and there are chanceses of fetching more marks in exam.
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