Section 15 in The Compulsory Deposit Scheme (Income Tax Payers) Act, 1974
15. Rounding off.
(1)The amount of the current income, correct income and compulsory deposit 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.Explanation.- In this sub- section," current income" and" correct income" have the meanings respectively assigned to them in sub- section (3) of section 4 and sub- section (2) of section 6.(2)The amount of penalty payable 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.
