Loading...

⚠ ✕
❮ Top
☎ Help
☰
×

By creating an account you can:

Logo TaxTMI
Call Us / Help / Feedback✕

Contact Us At :

✉ E-mail: [email protected]

✆ Call / WhatsApp at: +91 99117 96707

For more information, Check Contact Us

FAQs :

To know Frequently Asked Questions, Check FAQs

Most Asked Video Tutorials :

For more tutorials, Check Video Tutorials

Submit Feedback/Suggestion :

Email :
Please provide your email address so we can follow up on your feedback.
Category :
Description :
Min 15 characters 0/2000
Make Most of Text Search ✕
  1. Checkout this video tutorial: How to search effectively on TaxTMI.
  2. Put words in double quotes for exact word search, eg: "income tax"
  3. Avoid noise words such as : 'and, of, the, a'
  4. Sort by Relevance to get the most relevant document.
  5. Press Enter to add multiple terms/multiple phrases, and then click on Search to Search.
  6. Text Search
  7. The system will try to fetch results that contains ALL your words.
  8. Once you add keywords, you'll see a new 'Search In' filter that makes your results even more precise.
  9. Text Search
╳
Add to...
You have not created any category. Kindly create one to bookmark this item!
✕
Create New Category
Hide
Title :
Description :
❮❮ Hide
❮ Default View
Expand ❯❯
Close ✕
🔎 Filters / Advanced Search ❯
TEXT

Press 'Enter' to add multiple search terms. Rules for Better Search

Search In
Main Text + AI Text ❯
  • Main Text
  • Main Text + AI Text
  • AI Text
Law:
---- All Laws---- ❯
  • ---- All Laws----
  • Benami Property
  • Bill
  • Central Excise
  • Companies Law
  • Customs
  • DGFT
  • FEMA
  • GST
  • GST - States
  • IBC
  • Income Tax
  • Indian Laws
  • Money Laundering
  • SEBI
  • SEZ
  • Service Tax
  • VAT / Sales Tax
Types:
---- All Types ---- ❯
  • ---- All Types ----
  • Act Rules
  • Case Laws
  • Circulars
  • Manuals
  • News
  • Notifications
Sort By: ?
In Sort By 'Default', exact matches for text search are shown at the top, followed by the remaining results in their regular order.
Relevance Default Date
    Case Laws Customs
    Provisional Release in Customs Law: Balancing Revenue Protection and Commercial Fairness - A Compara...
    Case Laws Customs
    Conditional Re-export and Revenue Safeguards: Judicially Crafted Remedies in Customs Adjudication
    GST Limitation Regime vs Executive Notifications: Judicial Review of Time-Limit Notifications under ...
    Case Laws Income Tax
    Section 11(3) After Finance Act, 2022: Utilization of Accumulated Income - Deemed Income, Vesting an...
    Case Laws Income Tax
    When Can an ITAT Reopen a Decision? Distinguishing Prior Binding Precedent from Subsequent Case-Law
    Case Laws Income Tax
    Faceless Assessment and Jurisdiction: Reconciling JAO Roles with NFAC u/ss 144B & 151A (JAO / FAO)
    Summons, Searches and Show Cause Notices - Parallel GST Adjudications: Defining 'Proceedings' u/s 6(...
    Consolidated SCNs, Cross-Examination and the Limits of Writ Relief in GST Adjudication
    Act Rules Income Tax
    Comparison of SCHEDULE XVI "PERMITTED MODES OF INVESTMENT OR DEPOSITS" between the Income-Tax Act, 2...
    Act Rules Income Tax
    Comparison of SCHEDULE-XV "DEDUCTION IN RESPECT OF LIFE INSURANCE PREMIA, CONTRIBUTION TO PROVIDENT ...
    Act Rules Income Tax
    Comparison of SCHEDULE XIV "INSURANCE BUSINESS" between the Income-Tax Act, 2025 (as passed) and the...
    Act Rules Income Tax
    Comparison of SCHEDULE XI "RECOGNISED PROVIDENT FUNDS" between the Income-Tax Act, 2025 (as passed) ...
    Act Rules Income Tax
    Comparison of SCHEDULE X "DEDUCTION FOR SITE RESTORATION FUND FOR COMPUTING INCOME UNDER THE HEAD "P...
    Act Rules Income Tax
    Comparison of SCHEDULE IX "DEDUCTION FOR TEA DEVELOPMENT ACCOUNT, COFFEE DEVELOPMENT ACCOUNT AND RUB...
    Act Rules Income Tax
    Comparison of SCHEDULE VIII "INCOME NOT TO BE INCLUDED IN THE TOTAL INCOME OF POLITICAL PARTIES AND ...
    Act Rules Income Tax
    Comparison of SCHEDULE VII "PERSONS EXEMPT FROM TAX" between the Income-Tax Act, 2025 (as passed) an...
    Act Rules Income Tax
    Comparison of SCHEDULE VI "INCOME NOT TO BE INCLUDED IN TOTAL INCOME OF CERTAIN ELIGIBLE PERSONS IN ...
    Act Rules Income Tax
    Comparison of SCHEDULE V "INCOME NOT TO BE INCLUDED IN TOTAL INCOME OF CERTAIN ELIGIBLE PERSONS INCL...
    Act Rules Income Tax
    Comparison of SCHEDULE IV "INCOME NOT TO BE INCLUDED IN TOTAL INCOME OF ELIGIBLE NON-RESIDENTS, FORE...
    Act Rules Income Tax
    Comparison of SCHEDULE III "INCOME NOT TO BE INCLUDED IN TOTAL INCOME OF ELIGIBLE PERSONS" between t...
❮
❯
❯❯
Maximize Maximize Maximize
0 / 200
Expand Note
Add to Folder

No Folders have been created

+

Are you sure you want to delete "My most important" ?

NOTE:

Notes
Showing Results for :
Reset Filters
Results Found:
Show All Summaries Hide All Summaries
Case Laws Customs
Show AI Summary
Provisional release of seized imports permitted subject to proportionate security, favouring bonds over bank guarantees before adjudication.
Provisional release under Section 110 is permitted subject to proportionate protections: payment of duties as self-assessed; payment of a substantive portion (commonly fifty percent) of any departmental differential; and execution of enforceable bonds for the balance. Bank guarantees or cash security for speculative fines prior to adjudication are often disproportionate and may be replaced by bonds, though deliberate mis-declaration, concealment or prohibited imports justify stricter protective measures.
Case Laws Customs
Show AI Summary
Conditional re-export of detained imports permitted when revenue is secured by enforceable financial guarantees and timelines.
Courts may permit re-export of detained imports where the anticipated departmental remedy is monetary, provided the importer furnishes enforceable financial safeguards-typically a bond quantifying revenue exposure and a bank guarantee for a calibrated portion of the redetermined value-and complies with prescribed timelines; such orders are without prejudice to the Department's right to complete investigations, adjudicate, assess differential duties, and impose penalties.
Case Laws GST
Show AI Summary
Force majeure causation in GST limitation: proximate cause and mandatory council recommendation govern valid time limit extensions.
Section 168A empowers executive modification of GST limitation periods but operates as delegated legislation subject to strict construction: valid exercise requires (i) a qualifying force majeure event, (ii) inability to complete prescribed actions, and (iii) proximate causation by that event; GST Council recommendation is a mandatory precondition and GIC substitution or post-facto ratification does not cure statutory defect.
Case Laws Income Tax
Show AI Summary
Accumulated trust income: Tribunal rulings treat the 2022 amendment as prospective, preserving the prior six year utilisation window.
Two Tribunal benches held that the Finance Act, 2022 amendment to the accumulation provision is prospective; accumulations made before 1 April 2022 remain governed by the prior law including the additional one year grace, and utilisation within that six year window cannot be taxed for AY 2023 24. The Tribunals relied on the presumption against retrospectivity, the Finance Bill memorandum stating an effective date of 1 April 2023, and fairness doctrines to conclude Parliament did not intend to curtail vested rights retroactively.
Case Laws Income Tax
Show AI Summary
Tribunal recall power limited: later judicial overruling alone cannot reopen finalized tax orders under review rules.
The tribunal's power to amend is limited to rectifying a mistake apparent from the record existing at the time of the original order or to taking into account contemporaneous binding precedent not placed before it; a subsequent overruling or clarification by a superior court cannot alone justify recall, in light of the explanatory bar in Order XLVII Rule 1 CPC and related authorities.
Case Laws Income Tax
Show AI Summary
Concurrent jurisdiction between JAO and faceless authorities affirmed; JAO may initiate reassessment followed by faceless assessment.
The faceless scheme and RMS produce information that may be surfaced to the JAO, permitting the JAO to conduct the pre-notice inquiry and form satisfaction to issue a notice initiating reassessment; thereafter records may be transmitted for faceless assessment via automated allocation, embodying a two-stage model that preserves both JAO initiation authority and central faceless assessment.
Case Laws GST
Show AI Summary
GST enforcement: summons/searches are investigative; show cause notices mark formal proceedings and define subject matter.
Issuance of summons, searches and seizures are investigative steps and do not constitute initiation of proceedings; formal adjudicatory commencement is principally the issuance of a show cause notice which defines the subject matter. The subject matter is determined from the show cause notice, and a twofold test-identity of liability on the same facts and identity or overlap of relief sought-governs whether two proceedings are the same. Cross-empowerment permits intelligence-based action by either authority, but parallel adjudications on identical subject matter are barred; authorities must coordinate and share information.
Case Laws GST
Show AI Summary
GST: consolidated SCNs valid for connected-period fraud, cross-examination limited unless prejudice shown.
The adjudicating authority must consider representations and hearings under section 74(9), but the right to cross-examination in SCN proceedings is not absolute and requires demonstrable prejudice to vitiate adjudication. Sections 73 and 74 allow consolidated SCNs across periods when connected fraudulent invoice chains exist. Orders must remain within the grounds and amounts specified in the SCN, and writ jurisdiction should be declined where an efficacious statutory appeal under section 107 is available absent exceptional circumstances.
Act Rules Income Tax
Show AI Summary
Permitted Modes of Investment: clarifies eligible instruments for registered non profit funds under section 350 compliance.
The schedule lists closed, enumerated permitted modes of investment for monies under section 350, privileging government backed and regulated instruments, specified sectoral debt and equity, deposits with public authorities, and notified schemes; it defines key terms (e.g., long term finance as five year minimum) and preserves transitional and historical exceptions including a one year short term holding rule for non specified assets and preservation of corpus assets held on specified historical dates.
Act Rules Income Tax
Show AI Summary
Deduction for specified payments: qualifying contributions allowed, but breach or early disposal triggers recapture of previously allowed deductions.
Schedule XV lists payments that qualify for deduction under section 123-notably life insurance premia subject to quantitative ceilings by policy issue date and disability status, specified provident/pension/superannuation contributions, notified securities and mutual fund units, certain term deposits and housing finance repayments-and sets withdrawal and recapture rules whereby surrender, premature transfer, early withdrawal or sale within holding periods causes previously allowed deductions to be treated as income; definitions and eligibility depend on cross-references and delegated notifications.
Act Rules Income Tax
Show AI Summary
Life insurance taxable profit computed by annual average of actuarial surplus, separate from other business for tax purposes.
Life insurance taxable profit must be computed separately as the annual average of actuarial surplus from statutory valuations excluding earlier inter-valuation surplus/deficits, with specified add-backs; non-life taxable income is the profit before tax and appropriations per statutory accounts subject to enumerated tax adjustments, and non-resident branch profits may be allocated by India-premium proportion absent suitably reliable alternative data.
Act Rules Income Tax
Show AI Summary
Recognition conditions for provident funds determine tax treatment and trustee obligations, with investment limits tied to securities definitions.
Schedule XI conditions tax-favourable treatment of recognised provident, superannuation and gratuity funds on structural and operational criteria (trust form, vesting, non-revocability, employee coverage, permitted assets and payment rules); recognition/approval is discretionary and revocable; failures attract inclusion of accumulated balances or contributions in employee income and procedural obligations such as TDS; trustees face record-keeping, reporting and potential liability, while the Board may make rules subject to statutory limits and section 534 oversight.
Act Rules Income Tax
Show AI Summary
Deduction for site restoration funds: designated SBI deposits allow capped tax relief but trigger deeming on improper use.
A deduction permits upstream petroleum and natural gas taxpayers to deduct amounts deposited in designated site restoration accounts held with the State Bank of India, limited to the lesser of actual deposits or 20% of business profits before the deduction; deposits and interest are treated as account balance, withdrawals are restricted to scheme permitted uses, and improper utilisation or account closure triggers deeming provisions or disallowance, with an eight year clawback on asset sales subject to narrow exceptions.
Act Rules Income Tax
Show AI Summary
Deduction for development account deposits: allowable up to 40% of profits, subject to strict deposit, audit and claw back rules.
The Schedule allows growers and manufacturers of tea, coffee and rubber to deduct deposits into prescribed development accounts up to the lesser of actual deposits or 40% of business profits, subject to carrying on the specified business in India, depositing funds in specified special or deposit accounts under board or National Bank schemes, and furnishing a prescribed audited report by the specified date; unauthorised withdrawals or use for specified articles are deemed taxable and assets acquired from such funds are subject to claw back if sold or transferred within eight years.
Act Rules Income Tax
Show AI Summary
Income exclusion for political funding conditioned on transparency, recordkeeping, prescribed receipt modes and distribution obligations.
The Schedule excludes specified receipts from total income of eligible political parties and electoral trusts-covering property income, other sources, capital gains and voluntary contributions for registered parties, and voluntary contributions for electoral trusts-conditional on maintenance of books, audited accounts, prescribed filing of returns, donor identification for significant contributions, prescribed modes of receipt for larger donations, distribution obligations for electoral trusts, and cross-referenced compliance with electoral and banking statutory provisions.
Act Rules Income Tax
Show AI Summary
Persons exempt from tax: categories qualify for total income exclusion subject to approvals, notifications and prescribed conditions.
Schedule VII lists 48 categories of persons whose total income is exempt from income tax subject to specified conditions: approvals by tax/regulatory authorities, Central Government notifications, prescribed financing thresholds to qualify as wholly or substantially government financed, and defined time limited exemptions for certain financing institutions. The Schedule relies on six Notes for statutory definitions and cross references other income tax provisions (including treatment of anonymous donations) to determine exclusion from total income.
Act Rules Income Tax
Show AI Summary
IFSC tax exclusion for specified financial incomes conditions relief on non-resident unit-holding, convertible receipts and prescribed rules.
Schedule VI excludes specified IFSC-related income from "total income" for defined eligible persons, listing discrete income heads (capital gains on IFSC exchange transfers, securities transfers, securitisation trust receipts, derivative and portfolio receipts, royalty/interest on aircraft/ship leases, specified fund returns, dividends of IFSC leasing units, and interest payable by IFSC units) together with conditional eligibility tied to convertible foreign exchange receipt, non-resident unit-holdings, commencement-of-operations windows, regulatory registration, and delegated computational prescriptions.
Act Rules Income Tax
Show AI Summary
Tax exclusion for institutional investment vehicles: conditional non inclusion of specified income subject to regulatory compliance and clawback.
Schedule V excludes specified income from total income for defined eligible persons-investment funds, business trusts (including REITs/InvITs), venture capital vehicles and certain foreign public investors-operating as a negative list subject to conditions and Notes. Exclusions include non business dividend and interest for investment funds, SPV interest/dividend exemptions for business trusts, REIT rental income exclusions for directly owned assets, and a layered specified person exemption with holding period, investment type, proportional computation, carve outs and clawback rules; implementation relies on cross references to SEBI/RBI/IFSC rules and Board guidelines.
Act Rules Income Tax
Show AI Summary
Non resident exemptions conditioned on residency, limited presence and Central Government notification restrict exclusions from taxable income.
Schedule IV excludes specified receipts from total income of defined non residents and foreign companies where each listed entry identifies the income class, eligible person and conditions for exclusion. Exclusions depend on factual predicates-residency under foreign exchange rules, limited period of presence, absence of employer taxable presence in India, RBI permissions for NR(E) accounts-and on Central Government notification or approved agreements. Key categories include NR(E) account interest, diplomatic remuneration, short term foreign employee remuneration, specified royalties/fees, Offshore Banking Unit deposits, intra group cruise lease rentals, regional community investments and notified crude oil arrangements.
Act Rules Income Tax
Show AI Summary
Income exclusions from total income: targeted, conditional exemptions rely on prescribed procedures and cross referenced regulations.
Schedule III excludes specified categories of receipts from total income for designated eligible persons, linking each excluded income to eligible person categories and conditional provisos. It covers personal reliefs (pensions, allowances, capped partial NPS withdrawals), partnership and family allocations, disaster compensation, conditional sectoral subsidies and institutional exemptions (research, khadi, securitisation, investor protection and settlement funds), and relies on prescribed procedures, certificates and cross references to subordinate legislation for operability.

TMI Notes

Back

All TMI Notes

Showing Results for :
Reset Filters
No Records Found

TMI Notes

Back

All TMI Notes

Comparison of Section 156 "Rebate of income-tax in case of certain individuals." between the Income-Tax Act, 2025 (as passed) and the Income-Tax Bill, 2025 (as originally introduced)

3 September, 2025

Contents
Acts
Rules & Regulations
Summary
Note

Note

-

Bookmark

Print

Print

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

Income-tax Act, 2025

At a Glance

Clause 156 of the Income Tax Bill, 2025 - (Old Version) provides for a rebate/deduction from income-tax for certain resident individuals based on total income thresholds of Rs. 5,00,000 and Rs. 12,00,000, with monetary caps of Rs. 12,500 and Rs. 60,000 respectively. It affects resident individual taxpayers and the tax department's computation of tax liability. Effective date: Not stated in the document.

Background & Scope

Statutory hook: Clause 156 of the Income Tax Bill, 2025 (Rebate of income-tax in case of certain individuals). The provision is situated under the Bill's rubric "Rebates and reliefs." The clause aims to provide a deduction from income-tax payable for resident individual assessees whose total income falls below specified thresholds. The clause refers to computation "before allowing the deduction under this section" and to tax charged u/s 202(1). Definitions of "resident," "total income," or "income-tax payable" are Not stated in the document (they are presumed to be defined elsewhere in the Bill/Act). The clause contains three sub-sections setting out the conditions and caps for the deduction.

Statutory Provision Mode

Text & Scope

Clause 156 provides as follows (material elements synthesized):

  • Sub-section (1): A resident individual assessee whose total income does not exceed Rs. 5,00,000 is entitled to a deduction from income-tax (computed before this deduction) equal to 100% of income-tax payable or Rs. 12,500, whichever is less.
  • Sub-section (2): Where a resident individual's total income is chargeable to tax u/s 202(1), deductions from income-tax (computed before this deduction) are allowed as follows: (a) if total income does not exceed Rs. 12,00,000, then 100% of income-tax payable or Rs. 60,000, whichever is less; (b) if income exceeds Rs. 12,00,000, then "the income-tax payable on the total income, reduced by total income which is in excess of twelve lakh rupees."
  • Sub-section (3): The deduction under sub-section (2) shall not exceed income-tax payable as per the rates provided in section 202(1).

Scope: The relief is available only to resident individual assessees and is expressed as a deduction from income-tax chargeable on total income; it expressly contemplates interaction with section 202(1) tax computation.

Interpretation

The clause frames the relief as a deduction from the tax liability (not from gross income). The use of caps (Rs. 12,500 and Rs. 60,000) establishes fixed monetary ceilings. Sub-section (2) differentiates treatment depending on whether total income crosses the Rs. 12,00,000 threshold. The reference to tax computed "before allowing the deduction under this section" clarifies the order of computation: tax is calculated first, then the rebate/deduction is applied up to the stated limits. The provision's language in clause (2)(b) is formulaic and requires arithmetic reduction of tax payable by the excess of income over Rs. 12,00,000.

Exceptions/Provisos

No express provisos beyond the numerical thresholds and caps are provided. There is no textual carve-out for non-residents, non-individuals, or particular categories of income; however, the clause is expressly limited to "resident individual assessee." Any other exceptions or exclusions are Not stated in the document.

Illustrations

  • Example 1: Total income = Rs. 4,50,000; income-tax computed before rebate = Rs. 10,000. Under sub-section (1), deduction = 100% of tax payable (Rs. 10,000) or Rs. 12,500 whichever is less; deduction = Rs. 10,000; net tax = nil.
  • Example 2: Total income = Rs. 11,00,000; income-tax computed before rebate (u/s 202(1)) = Rs. 50,000. Under sub-section (2)(a) deduction = 100% of tax payable or Rs. 60,000 whichever is less; deduction = Rs. 50,000; net tax = nil.
  • Example 3: Total income = Rs. 13,00,000; income-tax computed before rebate = Rs. 80,000. Under sub-section (2)(b) deduction = income-tax payable reduced by the excess over Rs. 12,00,000 (i.e., 80,000 minus 1,00,000) per the Bill's formula. Because that arithmetic would produce a negative number (-Rs. 20,000), the limitation in sub-section (3) and general interpretive principle that deduction cannot be negative means the deduction would effectively be nil; the text states the deduction "shall not exceed income-tax payable" but does not expressly address negative results - consequentially, a reasonable administrative interpretation would yield nil deduction. (Note: precise administrative treatment is Not stated in the document.)

Interplay

The clause explicitly interacts with section 202(1) - the rebate in sub-section (2) applies where total income is chargeable to tax under that section and sub-section (3) caps deductions to the tax payable "as per the rates provided in section 202(1)." References to other Rules, Notifications, or Circulars are Not stated in the document. The Bill does not provide procedural rules for claiming the deduction, nor does it reference forms or assessment mechanics; those matters are Not stated in the document.

Differences between Section 156 of the Income-tax Act, 2025 and Clause 156 of the Income Tax Bill, 2025 - (Old Version)

  • Textual framing of subsection (1): The Bill (old version) uses the phrasing "A resident individual assessee" while the enacted Section uses "An assesse, being an individual resident in India."
    • Practical impact: purely stylistic; no substantive change to coverage (resident individual assessees remain the class eligible).
  • Subsection (2)(b) - Formulation and clarity of the deduction for incomes above Rs. 12 lakh: The Bill (old version) states: "the income exceeds twelve lakh rupees, the income-tax payable on the total income, reduced by total income which is in excess of twelve lakh rupees." The enacted Section states the condition more elaborately: "the total income exceeds twelve lakh rupees and the income-tax payable on such total income exceeds the amount by which the total income is in excess of twelve lakh rupees, an amount equal to the amount by which the income-tax payable on such total income is in excess of the amount by which the total income exceeds twelve lakh rupees."
    • Practical impact: The Bill's wording appears to direct a mechanical reduction of "income-tax payable" by the amount of income in excess of Rs. 12 lakh (a mismatch of units and likely leading to ambiguity/anomalous results). The enacted Section sets a conditional test and then grants a deduction equal to the excess of the tax payable over the excess income-thus the enacted text is clearer and avoids unit-mismatch confusion. In practice, the enacted text limits and clarifies the quantum of rebate available for higher incomes; the Bill's formulation could have produced interpretive and computational difficulties, possibly producing an unintended (and unworkable) formula.
  • Overall clarity and drafting precision: The enacted Section contains more precise conditional language in sub-section (2)(b).
    • Practical impact: reduced ambiguity for assessing officers, taxpayers and tax practitioners when computing the rebate for incomes exceeding Rs. 12 lakh; lowers litigation risk over interpretation of the mathematical reduction contemplated.
  • Subsection (3): Both texts contain identical limiting language that deduction under sub-section (2) shall not exceed income-tax payable as per rates in section 202(1).
    • Practical impact: none; both prohibit the rebate exceeding tax payable under the cited rate provision.

Practical Implications

  • Compliance and risk areas: Taxpayers must determine whether total income is within the specified thresholds and whether tax is chargeable u/s 202(1) to ascertain entitlement. The formula in clause (2)(b) can produce ambiguity where the excess of income over Rs. 12,00,000 equals or exceeds tax payable; the provision's terse phrasing in the Bill may give rise to interpretive disputes as to whether any deduction is permissible in those cases. The Bill text does not state dispute-resolution or administrative guidance; therefore taxpayers and the department may require clarificatory instructions (Not stated in the document).
  • Record-keeping/evidence: The document does not specify documentation or forms required to claim the deduction. Presumably, computation records showing total income and tax computed before the deduction would be relevant; the document itself is Not stated on record keeping.

Key Takeaways

  • Clause 156 provides a tax rebate (deduction from tax payable) for resident individual assessees with total income thresholds at Rs. 5,00,000 and Rs. 12,00,000.
  • Caps are specified: Rs. 12,500 for incomes up to Rs. 5,00,000; Rs. 60,000 for incomes up to Rs. 12,00,000.
  • For incomes above Rs. 12,00,000, the Bill prescribes a formula reducing tax payable by the excess of income over Rs. 12,00,000; the clause's terse wording may generate interpretive issues when the excess equals or exceeds tax payable.
  • The deduction is expressly subject to not exceeding tax payable u/s 202(1); other procedural and definitional matters are Not stated in the document.
  • Practical application requires careful arithmetic and may necessitate clarificatory guidance from the tax authorities to resolve edge cases arising under clause (2)(b).

Full Text:

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

Topics

Acts Income Tax