Rebate of income-tax provides capped relief for resident individuals with limited total income under Finance Bill for assessment years A new statutory rebate entitles resident individual assessees below a specified total income threshold to a deduction from computed income-tax equal to either the full tax liability or a prescribed capped amount, whichever is less, with that deduction taken before allowing Chapter VIII deductions; the provision is introduced by the Finance Bill with consequential amendments to the existing rebate framework and is made operative from the designated fiscal commencement to apply to subsequent assessment years.