New Provision
Section 516, IT Act 2025
Replaces (IT Act 1961)
288A
Chapter
Chapter XXII — Miscellaneous
Effective From
1 April 2026
Statutory Text — Section 516
e amount of total income computed or any amount payable or refundable under this Act, shall be rounded off to the nearest multiple of ₹10 ignoring any part of a rupee consisting of paise and thereafter if such amount is not a multiple of ten, then— (a) such amount shall be increased to the next higher amount which is a multiple of ten, if the last figure in that amount is five or more; or (b) such amount shall be reduced to the next lower amount which is a multiple of ten, if the last figure is less than five, and the amount so rounded off shall be deemed to be the total income of the assessee or the amount payable or refundable, as the case may be, under this Act. Receipt to be given. 517. A receipt shall be given for any money paid or recovered under this Act. Indemnity. 518. Ev
Shahi & Co. — Our Understanding
This section falls under Chapter XXII (Miscellaneous) which contains general provisions including powers of the Board, rounding off, and savings provisions.
Practical Note: These provisions govern administrative aspects of the Act. Section 533 (power to make rules) and Section 536 (repeal and savings) are particularly important for understanding the transition from the old Act to the new one.
Shahi & Co., Chartered Accountants
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Disclaimer: This is a reproduction of Section 516 of the Income Tax Act, 2025 (No. 30 of 2025) as published in the Official Gazette of India (CG-DL-E-22082025-265620) for informational and reference purposes only. Shahi & Co., Chartered Accountants makes no warranty as to completeness or accuracy. For the official authenticated text refer to
egazette.gov.in or
incometaxindia.gov.in. This does not constitute legal or tax advice.