The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act

Agreement with foreign countries or specified territories

Service of notice generally

Authentication of notices and other documents

Notice deemed to be valid in certain circumstances

Appearance by approved valuer in certain matters

Appearance by authorised representative

Rounding off of income, value of asset and tax

Congnizance of offences

Assessment not to be invalid on certain grounds

Bar of suits in civil courts

Income-tax papers to be available for purposes of this Act

Application of provisions of Income-tax Act

Power to make rules

Power to remove difficulties

Amendment of section 2 of Act 54 of 1963

Amendment of Act of 15 of 2003


GENERAL PROVISIONS


(1) The amount of undisclosed foreign
income and asset computed in accordance with this Act shall be rounded off to the nearest multiple of one
hundred rupees.

(2) Any amount payable or receivable by the assessee under this Act shall be rounded off to the
nearest multiple of ten rupees.

(3) The method of rounding off under sub-section (1) or sub-section (2), shall be such as may be
prescribed.

LAWGIST

# 79 Rounding off of income, value of asset and tax