Hi Members
Taxable Income of X is Rs. 200004.
After rounding off as per section 288A the taxable income is Rs. 200000.
Will X come under the Nil slab or 10%?
Thanks
Shivani
Sandeep Garg
(Consolidation and IndAS Application)
(1056 Points)
Replied 14 October 2013
Taxable income is rounded off first and then tax rates are applied on that. Tax payable is rounded off to the nearest Rs. 10.