Section 170 - Rounding off Tax and Related Amounts
This section explains how amounts such as tax, interest, penalties, fines, or refunds under this Act should be rounded. If these amounts include paise (the smaller denomination of the currency), the rounding is done to the nearest rupee. Specifically, if the paise amount is fifty or more, it is rounded up to the next rupee. If it is less than fifty paise, it is disregarded. This ensures that all financial transactions are simplified to whole rupees, eliminating the need to deal with fractional amounts of currency.
Note: It is an AI generated summary for reference purpose only.
170. Rounding off of tax, etc
The amount of tax, interest, penalty, fine or any other sum payable, and the amount of refund or any other sum due, under the provisions of this Act shall be rounded off to the nearest rupee and, for this purpose, where such amount contains a part of a rupee consisting of paise, then, if such part is fifty paise or more, it shall be increased to one rupee and if such part is less than fifty paise it shall be ignored.
