Section 31 - Substitution of new section for section 88B - Finance Act, 1997

31. Substitution of new section for section 88B For section 88B of the Income-tax Act, the following section shall be substituted with effect from the 1st day of April, 1998, namely :- 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 ten thousand rupees, whichever is less. .