Section 88B - Omitted - Income-tax Act, 1961

88B. 10 [****] **************** NOTES:- 1. Inserted vide Section 52 of the Finance Act, 1992 w.e.f. 01-04-1993 2. Substituted vide Section 20 of the Finance Act, 1993 w.e.f. 01-04-1994 before it was read as, fifty thousand rupees 3. Substituted vide Section 20 of the Finance Act, 1993 w.e.f. 01-04-1994 before it was read as, ten per cent. 4. Substituted vide Section 30 of the Finance Act, 1994 w.e.f. 01-04-1995 before it was read as, 2 [ seventy-five thousand rupees ] 5. Substituted vide Section 30 of the Finance Act, 1994 w.e.f. 01-04-1995 before it was read as, 3 [ twenty per cent. ] 6. Substituted vide Section 36 of the Finance (No. 2) Act, 1996 w.e.f. 01-04-1997 before it was read as, 4 [ one hundred thousand rupees ] 7. Substituted vide Section 31 of the Finance Act, 1997 w.e.f. 01-04-1998 before it was read as, 1 [88B. Rebate of income-tax in case of individuals of sixty-five years and above. - An assessee, being an individual resident in India, who is of the age of sixty-five years or more at any time during the previous year and whose gross total income does not exceed 6 [ one hundred and twenty 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 5 [ forty per cent. ] of such income-tax. Explanation : For the purposes of this section, gross total income means the total income computed in accordance with the provisions of this Act, before making any deduction under Chapter VI-A. ] 8. Substituted vide Section 47 of the Finance Act, 2000 w.e.f. 01-04-2001 before it was read as, ten thousand rupees 9. Substituted vide Section 48 of the Finance Act, 2003 w.e.f. 01-04-2004 before it was read as, 8 [ fifteen thousand rupees ] 10. Omitted vide Section 30 of the Finance Act, 2005 w.e.f. 01-04-2006 before it was read as, 7 [88B. Rebate of income-tax in case of individuals of sixty-five years or above. An assessee, being an individual resident in India, who is of the age of sixty-five years or more at any time during the previous year 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 9 [ twenty thousand rupees ] , whichever is less. ]