eCourtsIndia
IndiaCode Laws
Section34
The Finance Act, 1966

Insertion of new sections 288A and 288B

In force Act 13 of 1966 As on 16 Oct 2026

Act 13 of 1966 Ministry Finance Enacted 13 May 1966 Cited by 2 provisions

Section 34 of the Finance Act, 1966 deals with insertion of new sections 288A and 288B. Insertion of new sections 288A and 288B 34. The Act was enacted on 13 May 1966.

Insertion of new sections 288A and 288B

34. After section 288 of the Income-tax Act, the following sections shall be inserted, namely:—

Rounding off of income

'288A, (1) Subject to the provisions of sub-section (2), the amount of total income computed in accordance with the foregoing provisions of this Act 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; and the amount so rounded off Shall be deemed to be the total income of the assessee for the purposes of this Act.

(2) If the total income of the assessee includes earned income chargeable under any head, the adjustment under subsection (1) shall, to the extent possible, be made in computing such earned income and, as to the balance, if any, against any other income; and if there is no earned income, the adjustment shall be made in computing any other income under any head.

Explanation.—In this section, the expression "earned income" has the meaning assigned to it in the Finance Act of the relevant year.

Rounding off of tax etc.

288B. The amount of tax (including tax deductible at source or payable in advance), 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 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.'

[Finance Act, 1966]

© Copyright. Taxmann Publications Pvt. Ltd.

Section 34, The Finance Act, 1966 (Act 13 of 1966).

Cross-references

Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.

This section refers to

  1. Income-tax Act s. 288 Appearance by authorised representative

Referred to by 2

  1. s. 9 Amendment of section 34
  2. s. 38 Amendment of Act 54 of 1953

Questions about Section 34

What does Section 34 of the Finance Act deal with?

Section 34 of the Finance Act is headed "Insertion of new sections 288A and 288B". Insertion of new sections 288A and 288B 34.

How do I find court cases under Section 34 of the Finance Act?

In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 1966 34, section 34 Finance Act 1966, section 34 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.

What should I read with Section 34 of the Finance Act, and has it changed?

Its own text turns on Income-tax Act 288 (Appearance by authorised representative), so none of them can safely be read on its own. 2 other provisions in this corpus refer back to it.

When was Section 34 of the Finance Act enacted?

Section 34 of the Finance Act, cited as Finance Act 1966 34, was enacted on 13 May 1966 as Act 13 of 1966. It is in force as at the date shown on this page.

Other sections of this Act

Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument. This page is not a substitute for legal advice.