Assam Taxation (Procedure for Rounding Off) Act, 1971

No: 18 Dated: Jul, 02 1971

THE ASSAM TAXATION (PROCEDURE FOR ROUNDING OFF) ACT, 1971

ASSAM ACT XVIII OF 1971

    An Act to provide for the sunplification of the procedure of calculation of taxes, penalties, interest, refunds, rebates, etc., under certain laws of the State of Assam

    Preamble:- Whereas it is expedient that the amount of tax, penalty, fee or ether dues payable under certain taxation laws of the State of Assam and the amount of refund, rebate, set-off or draw-back under the said laws calculated in accordance with lhe provision of the said laws is rounded off to the nearest rupee;

    It is hereby enacted in the Twenty-second Year of the Republic of India as follows: -

1. Short Title, Ectent and Commencement:- (1) This Act may be called rhe Assam Taxation (Procedure for Rounding off) Act, 1971.

(2) It extends to the whole of the State of Assam.

(3) It shall come into force at once.

2. Procedure for rounding off:- (1) Notwithstanding anything contained in any of the taxation laws mantioned in the Schedule to this Act, where the amount of tax, penalty, interest, fee or ether dues payable by a person or the amount of refund; rebate, set-off or draw ·back due to a person on any single occasion and arrived at in accordance with any provision cf such law is not a multiple of a rupee, the said amount shall be rounded off to the nearest multiple of a rupee and the amount arived at after such rounding off shall be deemed to be the amount due from or, as the case may be, due to sueh person in accordance with such provision and all the provisions of law shall apply accordingly.

Explanation 1:-Where the amount to be rounded off is exactly half of a rupee, the amount shall be rounded off to a rupee .