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of <h1>Tax Rebate for Seniors: Section 88B Offers 10% Deduction for Indian Residents Over 65 with Income Under Rs. 50,000.</h1> Section 88B, introduced by the Finance Act, 1992, effective April 1, 1993, provides a tax rebate for individuals aged sixty-five and above. This section applies to residents of India whose gross total income does not exceed fifty thousand rupees. Eligible individuals receive a deduction from their income tax, amounting to ten percent of the computed tax before Chapter VI-A deductions. 'Gross total income' refers to income calculated according to the Act's provisions, prior to any Chapter VI-A deductions.
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