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of <h1>Tax Rebate for Seniors: Individuals 65+ Can Deduct Up to 100% or 10,000 Under Revised Section 88B</h1> Section 88B of the Income-tax Act has been replaced, effective April 1, 1998, by a provision granting a tax rebate to individuals aged sixty-five or older. Eligible residents of India can deduct from their income tax, calculated before other deductions, an amount equal to 100% of the tax or ten thousand rupees, whichever is less. This amendment aims to provide tax relief to senior citizens by reducing their taxable income burden.
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