close

Rounding off tax.

10. (1) The amount of tax, penalty or interest payable and the amount of refund due, under the provisions of this Act, shall be rounded off to the nearest rupee and for this purpose fifty paise or more shall be increased to one rupee and less than fifty paise shall be ignored.

(2) If after rounding off, as provided in sub-section (1), the sum payable by an assessee or refundable to him, as the case may be, is less than ten rupees, the same shall be ignored.

(3) Nothing in this section shall apply for the purpose of collection by a dealer of any amount by way of tax in respect of any purchase or sale of goods by him.