CHAPTER VIII

REBATES AND RELIEFS

A.-Rebate of income-tax

Rebate to be allowed in computing income-tax.

87.   (1) In computing the amount of income-tax on the total income of an  assessee with which he is chargeable for any assessment year, there shall be allowed from the amount of income-tax (as computed before allowing the deductions under this Chapter), in accordance with and subject to the provisions of sections 87A, ¹[.88, 88A, 88B, 88C, 88D and 88E], the deductions specified in those sections.

(2) The aggregate amount of the deductions under section 87A or ¹[section 88 or section 88A or section 88B or section 88C or section 88D] or section 88E shall not, in any case, exceed the amount of income-tax (as computed before allowing the deductions under this Chapter) on the total income of the assessee with which he is chargeable for any assessment year.

Notes:

1. Omitted by the Finance Act, 2023 dated 01.02.2023 w.e.f 01.04.2023.