Section 16 - Substitution of new section for section 280Q - Direct Taxes (Amendment) Act, 1964

16. Substitution of new section for section 280Q. For section 280Q of the Income-tax Act, the following section shall be, and shall be deemed to have been, substituted, with effect from the 1st day of April, 1964, namely: 280Q. Rounding off. The amount of any deposit to be made under this Chapter shall be rounded off to the nearest multiple of ten rupees and where such amount contains a part of ten rupees, then, if such part is five rupees or more, it shall be increased to ten rupees and if such part is less than five rupees, it shall be ignored: Provided that where the amount so computed is required under any provision of this Chapter to be deposited in two or more equal instalments and the amount of each instalment calculated for this purpose is not a multiple of ten rupees, the amount of each such instalment, other than the last instalment, shall be rounded off to the nearest multiple of ten rupees and the balance shall be the amount of the last instalment. .