Section 19 - Substitution of new section for section 288B-Rounding off amount payable and refund due. - Taxation Laws (Amendment) Act, 2006

Substitution of new section for section 288B. 19. In Income-tax Act, for section 288B, the following section shall be substituted, namely:- Rounding off amount payable and refund due. 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. .