Rounding off of taxable gifts
Section 44A of the Gift-tax Act, 1958 deals with rounding off of taxable gifts. The amount assessed in accordance with the foregoing provisions of this Act as being the value of all taxable gifts 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 multi The Act came into force on 01 Apr 1958.
The amount assessed in accordance with the foregoing provisions of this Act as being the value of all taxable gifts 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 rupees, 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 value of all taxable gifts of the assessee for the purposes of this Act.
Section 44A, The Gift-tax Act, 1958 (Act 18 of 1958).
Questions about Section 44A
What does Section 44A of the Gift-tax Act deal with?
Section 44A of the Gift-tax Act is headed "Rounding off of taxable gifts". The amount assessed in accordance with the foregoing provisions of this Act as being the value of all taxable gifts 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 multi
How do I find court cases under Section 44A of the Gift-tax 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: Gift Tax Act 44A, section 44A Gift Tax Act, section 44A of the Gift-tax Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
When did Section 44A of the Gift-tax Act come into force?
Section 44A of the Gift-tax Act, cited as Gift Tax Act 44A, came into force on 01 Apr 1958, having been enacted on 15 May 1958. It is in force as at the date shown on this page.
Other sections of this Act
- 15. Assessment2057 words
- 5. Exemption in respect of certain gifts1521 words
- 2. Definitions1156 words
- 33A. Refunds1140 words
- 16. Gift escaping assessment1035 words
- 22. Appeal to the [ Deputy Commissioner (Appeals)] from orders of [Assessing Officer1003 words
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. Recovered from the consolidated text published by India Code on the Act's own item (c68c5249-54dd-4d0c-ad5d-acc5479e81dc). India Code lists this Act but publishes no sections for it, so there was nothing to harvest, only a document to read. This page is not a substitute for legal advice.