Clause 20 - Insertion of new section 87A - Rebate of income-tax in case of certain individuals. - Finance Bill, 2013

Insertion of new section 87A 20 . After section 87 of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2014, namely: Rebate of income-tax in case of certain individuals. 87A. An assessee, being an individual resident in India, whose total income does not exceed five 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 hundred per cent. of such income-tax or an amount of two thousand rupees, whichever is less. .