Income-tax Act, 1961
An assessee, being an individual resident in India, whose total income does not exceed [ [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 [ [twelve thousand and five hundred] rupees], whichever is less.]