Rebate of income-tax limits deductions for resident individuals based on income bands and tax payable under specified provisions. A resident individual may claim a rebate of income-tax up to the lesser of full tax payable and a statutory cap: if total income Rs. 500000, 100% of tax payable or Rs. 12500, whichever is less; where income is chargeable under the specified provision, if income twelve lakh rupees, 100% of tax payable or Rs. 60000, whichever is less, and if income exceeds twelve lakh rupees the deduction equals the excess of tax payable over the amount by which total income exceeds twelve lakh rupees; deductions are capped at tax payable under applicable rates.
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Provisions expressly mentioned in the judgment/order text.
Rebate of income-tax limits deductions for resident individuals based on income bands and tax payable under specified provisions.
A resident individual may claim a rebate of income-tax up to the lesser of full tax payable and a statutory cap: if total income Rs. 500000, 100% of tax payable or Rs. 12500, whichever is less; where income is chargeable under the specified provision, if income twelve lakh rupees, 100% of tax payable or Rs. 60000, whichever is less, and if income exceeds twelve lakh rupees the deduction equals the excess of tax payable over the amount by which total income exceeds twelve lakh rupees; deductions are capped at tax payable under applicable rates.
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