Section 44C: Rounding off of net wealth

The Wealth-Tax Act, 1957Central Act · Act 27 of 1957

[Rounding off of net wealth.

The amount of net wealth computed in accordance with the foregoing provisions of this Act shall be rounded off to the nearest multiple of one hundred rupees and, for this purpose, any part of a rupee consisting of paise shall be ignored and thereafter, if such amount contains a part of one hundred rupees, then, if such part is fifty rupees or more, the amount shall be increased to the next higher amount which is a multiple of one hundred and, if such part is less than fifty rupees, the amount shall be reduced to the next lower amount which is a multiple of one hundred; and the amount so rounded off shall be deemed to be the net wealth of the assessee for the purposes of this Act.]

Where this provision sits

Act	The Wealth-Tax Act, 1957
Section	44C
Marginal note	Rounding off of net wealth
Jurisdiction	Central
Status	In force as published by the source

How this provision has been amended

Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.

inserted. Inserted by the Taxation Laws (Amendment) Act, 1970, w.e.f. 1-4-1971.

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