A person has paid advance tax of Rs. 10,000 last year. But now, his tax liability (incl. cess) is rs. 10,030. Should he pay Rs. 30 more.
I have heard that tax payable and refund under 100 is not considered.
Thanks in Advance
19 Replies
harish sharma
(student)
(58 Points)
Replied 27 May 2010
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.
hence in view of above provision tax payable by assessee is rs 30
CA LOVELY ARORA
(C.A. B.Com (H) Graduate)
(2151 Points)
Replied 27 May 2010
he must pay Rs. 30, however he is exempted from Interest u/s 234C............
praveen
(Chartered Accountant)
(6971 Points)
Replied 27 May 2010
I too think so...
in income tax law terms he has to pay.
but no one cares if he does not pay 30 Rs.
CA Ayush Agarwal
(Kolkata-Pune-Mumbai)
(27186 Points)
Replied 28 May 2010
1. if His Tax Liablity Comes to Rs. Less Than 10005/- then He Need not Pay Tax Any More.
But as Its More So Have to Pay 30 Rs.
SANTOSH KUMAR MISHRA
(EXECUTIVE (ACCOUNTS) )
(24 Points)
Replied 28 May 2010
Agree has to pay Rs.30.
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