Section 288B of ITA, 1961 : Section 288B: Rounding Off Amount Payable And Refund Due

ITA, 1961

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Explanation using Example

Imagine Mr. Sharma has filed his income tax return and the calculation shows that he is eligible for a refund of ₹2,345. According to Section 288B of the Income-tax Act, 1961, this refund amount will be rounded off to the nearest multiple of ten rupees. Since the last figure in ₹2,345 is five, the amount is increased to the next higher multiple of ten, which is ₹2,350. Therefore, Mr. Sharma will receive a refund of ₹2,350.

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