9911796707
|
Home
Forgot password New User/ Regiser ⇒ Register to get Live Demo
Section 87 - Rebate to be allowed in computing income-tax - Income-tax Act, 1961Extract CHAPTER VIII 1 [REBATES AND RELIEFS] 2 [ 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 3 [ 7 [sections 87A, 9 [ **** ] and 88E ], the deductions specified in those sections. (2) The aggregate amount of the deductions under 8 [section 87A 10 [ **** ] or section 88E ] 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. ------------------------------- Notes :- 1. Substituted for Relief in respect of income-tax by the Finance Act, 1990, w.e.f. 1-4-1991. Earlier existing heading was amended by the Finance (No. 2) Act, 1967, w.e.f. 1-4-1968. 2. Inserted by the Finance Act, 1990, w.e.f. 1-4-1991. 3. Substituted for sections 88, 88A, 88B and 88C by the Finance (No. 2) Act, 2004, w.e.f. 1-4-2005. Earlier the quoted portion was amended by the Finance Act, 1992, w.e.f. 1-4-1993 and Finance Act, 2000, w.e.f. 1-4-2001. 4. Inserted by the Finance Act, 1992, w.e.f. 1-4-1993. 5. Inserted by the Finance Act, 2000, w.e.f. 1-4-2001. 6. Inserted by the Finance (No. 2) Act, 2004, w.e.f. 1-4-2005. 7. Substituted vide Finance Act 2013 w.e.f. 1st day of April, 2014 , before it was read as, sections 88 8. Substituted vide Finance Act 2013 w.e.f. 1st day of April, 2014 , before it was read as, section 88 9. Omitted vide THE FINANCE ACT, 2023 dated 31-03-2023 w.e.f. 01-04-2023 before it was read as, 88], 88A, 88B, 88C, 88D 10. Omitted vide THE FINANCE ACT, 2023 dated 31-03-2023 w.e.f. 01-04-2023 before it was read as, or section 88] or section 88A 4 [ or section 88B ] 5 [ or section 88C ] 6 [ or section 88D
|
