87A. Rebate of income-tax in case of certain individuals. —An assessee, being an individual resident in India, whose total income does not exceed ⁴⁵[five hundred thousand] rupees, shall be entitled to a deduction, from the amount of income-tax (as computed before allowing the deductions under this Chapter) on his total income with which he is chargeable for any assessment year, of an amount equal to hundred per cent of such income-tax or an amount of ⁴⁶[twelve thousand and five hundred] rupees, whichever is less.