Tax or refund computed to the nearest rupee

Tax or refund computed to the nearest rupee

Section 219 of Income Tax Ordinance, 2001 explains that the amount of tax of refund should be computed as one rupee if the fraction of rupee is more than fifty paisa.

The Federal Board of Revenue (FBR) issued the Income Tax Ordinance, 2001 updated up to June 30, 2021. The Ordinance incorporated amendments brought through Finance Act, 2021.

Following is the text of Section 219 of Income Tax Ordinance, 2001:

219. Tax or refund to be computed to the nearest Rupee.—In the determination of any amount of tax or refund payable under this Ordinance, fractions of a rupee less than fifty paisa shall be disregarded and fractions of a rupee equal to or exceeding fifty paisa shall be treated as one rupee.

(Disclaimer: The text of the above section is only for information. Team PkRevenue.com makes all efforts to provide the correct version of the text. However, the team PkRevenue.com is not responsible for any error or omission.)

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