India - Income Tax Act 2010 - Saarc

1.523 CH. VIII - REBATES AND RELIEFS S. 88ERebate of income-tax in case of certain individuals.88D. 6 [Omitted by the Finance Act, 2005, w.e.f. 1-4-2006.]7[Rebate in respect of securities transaction tax.88E. (1) Where the total income of an assessee in a previous year includes anyincome, chargeable under the head “Profits and gains of business orprofession”, arising from taxable securities transactions, he shall be entitled to adeduction, from the amount of income-tax on such income arising from suchtransactions, computed in the manner provided in sub-section (2), of an amountequal to the securities transaction tax paid by him in respect of the taxablesecurities transactions entered into in the course of his business during thatprevious year:Provided that no deduction under this sub-section shall be allowed unless theassessee furnishes along with the return of income, evidence of payment ofsecurities transaction tax in the prescribed form 8 :Provided further that the amount of deduction under this sub-section shall notexceed the amount of income-tax on such income computed in the mannerprovided in sub-section (2).(2) For the purposes of sub-section (1), the amount of income-tax on the incomearising from the taxable securities transactions, referred to in that sub-section,shall be equal to the amount calculated by applying the average rate of incometaxon such income.(Contd. from p. 1.522)“88C. Rebate of income-tax in case of women below sixty-five years.—An assessee,—(a) being a woman resident in India; and(b) below the age of sixty-five years, at any time during the previous year,shall be entitled to a deduction from the amount of income-tax (as computed beforeallowing the deductions under this Chapter) on her total income, with which she ischargeable for any assessment year, of an amount equal to hundred per cent of suchincome-tax or an amount of five thousand rupees, whichever is less.”6. Prior to its omission, section 88D, as inserted by the Finance (No. 2) Act, 2004, w.e.f.1-4-2005, read as under :“88D. Rebate of income-tax in case of certain individuals.—An assessee, being an individualresident in India,—(a) whose total income does not exceed one hundred thousand rupees, shall be entitledto a deduction from the amount of income-tax (as computed before allowing thedeductions under this Chapter) on his total income with which he is chargeable forany assessment year, of an amount equal to hundred per cent of such income-tax;(b) whose total income exceeds one hundred thousand rupees and the income-taxpayable on such total income (as computed before allowing the deductions underthis Chapter) exceeds the amount by which such total income is in excess of onehundred thousand rupees, shall be entitled to a deduction from the amount ofincome-tax on his total income, of an amount equal to the amount by which theincome-tax payable on such total income is in excess of the amount by which thetotal income exceeds one hundred thousand rupees.”7. Inserted by the Finance (No. 2) Act, 2004, w.e.f. 1-4-2005.8. See rule 20AB and Form Nos. 10DB & 10DC. Rule 12 provides that the return of incomeshall not be accompanied by any document or copy of any account or form or report ofaudit required to be attached with return of income under any of the provisions of the Act.