Tax rebate for senior individuals reduces income-tax liability by a fixed percentage for qualifying low-income residents. A new provision grants a rebate of income-tax to resident individuals aged sixty-five years or more during the previous year whose gross total income does not exceed a specified threshold; such an assessee is entitled to a deduction from the amount of income-tax (computed before allowing deductions under the Chapter) equal to ten per cent of that income-tax. 'Gross total income' is defined as total income computed under the Act before making deductions under the relevant chapter.
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Provisions expressly mentioned in the judgment/order text.
Tax rebate for senior individuals reduces income-tax liability by a fixed percentage for qualifying low-income residents.
A new provision grants a rebate of income-tax to resident individuals aged sixty-five years or more during the previous year whose gross total income does not exceed a specified threshold; such an assessee is entitled to a deduction from the amount of income-tax (computed before allowing deductions under the Chapter) equal to ten per cent of that income-tax. "Gross total income" is defined as total income computed under the Act before making deductions under the relevant chapter.
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