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.