Rebate to be allowed in computing income-tax.

1. (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 4[5[sections 87A, 88], 88A, 88B, 88C, 88D and 88E], the deductions specified in those sections.
2. (2) The aggregate amount of the deductions under 1[section 87A or section 88] or section 88A 2[or section 88B] 3[or section 88C] 4[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.

¹ Subs. by Act 18 of 1992, s. 49, for section 86 (w.e.f. 1-4-1993).

² Subs. by Act 12 of 1990, s. 30, for Heading (w.e.f. 1-4-1991).

³ Ins. by s. 30, ibid. (w.e.f. 1-4-1991).

⁴ Subs. by Act 23 of 2004, s. 20, for “section 88, 88A, 88B and 88C” (w.e.f. 1-4-2005). Earlier section amended by Act 18 of 1992, s. 50 (w.e.f. 1-4-1993) and Act

⁵ Subs. by Act 17 of 2013, s. 21, for “sections 88” (w.e.f. 1-4-2014).