Income-tax Act, 1961

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 ¹[sections 87A and 88E], the deductions specified in those sections.

(2) The aggregate amount of the deductions under ^1a[section 87A 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.