What is Rebate to be allowed in computing income-tax Rebate of income-tax in case of certain individuals? Section 87 and 87A of Income Tax Act 1961

Rebate to be allowed in computing income-tax Rebate of income-tax in case of certain individuals is defined under section 87 and 87A of Income Tax Act 1961. Provisions under these Sections are:

 

Section 87 of Income Tax Act "Rebate to be allowed in computing income-tax"

Section 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, 88, 88A, 88B, 88C, 88D and 88E, the deductions specified in those sections.

 

(2) The aggregate amount of the deductions under section 87A or 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.

 

Section 87A of Income Tax Act "Rebate of income-tax in case of certain individuals"
Section 87A. An assessee, being an individual resident in India, whose total income does not exceed five hundred thousand rupees, shall be entitled to a deduction, from the amount of income-tax (as computed before allowing the deductions under this Chapter) on his total income with which he is chargeable for any assessment year, of an amount equal to hundred per cent of such income-tax or an amount of two thousand rupees, whichever is less.

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