Subject to the provisions of this Act and the limits, conditions and qualifications set out in Part 3 of the Sixth Schedule, an individual, being a resident or a Bangladeshi non-resident, shall be entitled to tax rebate as below, from the tax chargeable on the total income in an assessment year:—

(a) 0.03 x ‘A’; or

(b) 0.15 x ‘B’; or

(c) Taka 10 (ten) lakh;

lower of these three,

in this case-

‘A’ = total income computed excluding tax-exempt income, income subject to reduced tax rate and income subject to minimum tax; and

‘B’ = the total amount of investment and expenditure of the assessee in accordance with Part 3 of the Sixth Schedule in any income year.