§ 155
Chapter IX — Rebates And Reliefs
Rebate to be allowed in computing income-tax
Income-tax Act, 2025
Business owners are allowed a rebate on their income tax, computed before certain deductions. This rebate is subject to specific provisions and has a maximum limit. The limit is the income tax computed before deductions.
- The rebate is governed by provisions of section 156.
📜 Official text of the section +
155. (1) In computing income-tax on the total income of an assessee with which he
is chargeable for any tax year, there shall be allowed from income-tax (as
computed before allowing the deductions under this Part), subject to the provisions
of section 156, the deductions specified therein.
(2) The deduction under section 156, shall not, in any case, exceed income-tax (as
computed before allowing the deductions under this Part) on the total income of
the assessee with which he is chargeable for any tax year.
Rebate of income-tax in case of certain individuals.
Plain-language summary — not the official text. Refer to the bare Act and confirm with a professional for your specific case.