Income-tax Act,1961

Act No : 43

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Section : Rebate to be allowed in computing income-tax

87. Rebate to be allowed in computing income-tax (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 3[88, 88A and 88B], the deductions specified in those sections. (2) The aggregate amount of the deductions under section 88 or section 88A 4[or section 88B] 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.] [87A. Rebate on educational expenses in certain cases.-Omitted by the Finance (No. 2) Act, 1967, with effect from 1-4-1968. It was inserted by the Finance Act, 1964, with effect from 1-4-1964.]

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