Section 88B - Omitted - Income-tax Act, 1961

Rebate of income-tax in case of individuals of sixty-five years or above. 88B. 1 [****] ------------------------- Notes :- 1. Omitted by the Finance Act, 2005, w.e.f. 1-4-2006 . Prior to its omission, section 88B, as inserted by the Finance Act, 1992, w.e.f. 1-4-1993 and later on amended by the Finance Act, 1993, w.e.f. 1-4-1994, Finance Act, 1994, w.e.f. 1-4-1995, and Finance (No. 2) Act, 1996, w.e.f. 1-4-1997, substituted by the Finance Act, 1997, w.e.f. 1-4-1998 and further amended by the Finance Act, 2000, w.e.f. 1-4-2001 and Finance Act, 2003, w.e.f. 1-4-2004, read as under : 88B. Rebate of income-tax in case of individuals of sixty-five years or above.- 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 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 twenty thousand rupees, whichever is less.