# The Finance Act, 1997, Section 31: Substitution of new section for section 88B

- Act: The Finance Act, 1997
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-1997/section/31/

## 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.

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