Section 219 ofIncome 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 throughFinance Act, 2021.
Following is the text of Section 219 ofIncome 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.
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