No, a taxpayer can claim an income tax rebate up to the tax liability only. For example- Mr. Akash has a tax liability of Rs 7,500 and the total income chargeable to tax is Rs 400,000. Mr. Akash is eligible for tax rebate. He can claim a rebate of Rs 7500 only and not Rs 12500. The tax rebate can never exceed the tax liability of the taxpayer.