The Gift-Tax Act, 1958

44B. Rounding off of tax, etc.

The amount of gift-tax, interest, penalty, fine or any other sum 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, where such amount contains a part of a rupee consisting

1. Ins. by Act 5 of 1964, s. 52, (w.e.f. 1-4-1964).
2. Subs. by Act 53 of 1962, s. 34, for s. 43 (w.e.f. 1-4-1963).
3. Ins. by Act 42 of 1970, s. 70 (w.e.f. 1-4-1971).
4. Subs. by Act 16 of 1972, s.54 (w.e.f. 1.4.1972).
5. Ins. by Act 45 of 1972, s. 24 (w.e.f. 1-1-1973).

888m 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.]

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