Income-tax rebate for resident individuals with income below threshold: deduction equal to tax or Rs. 2,000, whichever is less. A new provision grants a rebate of income-tax to an individual resident in India whose total income does not exceed the specified threshold: a deduction from the computed income-tax equal to 100% of that tax or two thousand rupees, whichever is less, thereby reducing the taxpayer's tax liability by the rebate amount.