{"act":{"id":"finance-act-1997","short_title":"The Finance Act, 1997","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 1997-1998.","act_number":null,"act_year":1997,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":80,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-1997/"},"unit":"section","section":{"number":"31","heading":"Substitution of new section for section 88B","text":"Substitution of new section for section 88B. 31. 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.\". © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><b>Substitution of new section for section 88B.</b></p><p><b>31</b>. For section 88B of the Income-tax Act, the following section shall be substituted with effect from the 1st day of April, 1998, namely:—</p><p>\"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.\".</p><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":129,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-1997/section/31/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}