87. Rebate to be allowed in computing income-tax.

(1) In computing the amount of income-tax on the total income of an assessee with which he is chargeable for any assessment year, there shall be allowed from the amount of income-tax (as computed before allowing the deductions under this Chapter), in accordance with and subject to the provisions of [[sections 87A, 88], 88A, 88B, 88C, 88D and 88E], the deductions specified in those sections.

(2) The aggregate amount of the deductions under [section 87A or section 88] or section 88A [or section 88B] [or section 88C] [or section 88D or section 88E] shall not, in any case, exceed the amount of income-tax (as computed before allowing the deductions under this Chapter) on the total income of the assessee with which he is chargeable for any assessment year.