Clause 156 - Rebate of income-tax in case of certain individuals.

Tax rebate for resident individuals reduces income tax payable when total income falls below specified thresholds, subject to computation rules.

Rebate allows resident individual assessees a deduction against income-tax where total income falls below specified thresholds: at the lower threshold the deduction equals the lesser of full tax payable or a fixed cap; for incomes chargeable under the specified tax computation provision the rebate is either the lesser of full tax or a larger cap, or the income-tax payable reduced by the excess over the higher threshold; deduction cannot exceed tax payable under the applicable rates.