Rebate to be allowed in computing income-tax
Chapter VIII
95 [Rebates and Reliefs]
96 [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 97[sections 88, 88A and 88B], the deductions specified in those sections.
(2) The aggregate amount of the deductions under section 88 or section 88A 98 [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.