U/s 288 b & 288 a

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

10 May 2012 To all of the Expert of Income Tax, as per the Income Tax Act 1961 the Taxable Income Round off as per U/s 288 A and the Total Tax Round off as per U/s 288 B.
My quarry is both are applicable in the time of Income Tax Calculation or only applicable U/s 288B on the Total Tax Column? Please guide me.
My mail Address :- pranab.banerjee83@gmail.com

Amol Gopal Kabra (CA,CS,DISA)

Amol Gopal Kabra (CA,CS,DISA) (Expert)
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10 May 2012 One is applicable at the time of GTI. Gross Total Income should be rounded off to nearest multiple of 10. The other is for tax liability. The total tax liability should be rounded off to nearest multiple of 10.

Querist : Anonymous

Querist : Anonymous (Querist)

11 May 2012 Thanks sir for reply and clarify the u/s 288 A & 288 B. But one question have in still about the U/s 288B, The Net Tax Payable will be Calculate as follows :- Total Tax @ 10 or 20% or 30 % and then 3% will extra on that Tax will be charged, then the total Tax liability will be Tax + Educ Cess = Tax Payable, on column No 16 in form 16. Hence the question the U/s 288 B can Round off in the column no 16 Form 16 or Column No 14 of Form 16 ?

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Amol Gopal Kabra (CA,CS,DISA)

Amol Gopal Kabra (CA,CS,DISA) (Expert)
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11 May 2012 Tax rounded of is the net tax payable i.e. tax adjusted to all prepaid taxes, i.e. advance tax or TDS.