Rebate of income-tax in case of individuals of sixty-five years and above
73 [Rebate of income-tax in case of individuals of sixty-five years and above.
88B. 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 74[ one hundred] 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 75[ 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.]