Section 52 - Insertion of new section 88B

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.