The House, capping a day of bitter partisanship and rebellion within the Democratic majority, last night passed by a one-vote margin a $12.8 billion tax increase intended to reduce the federal deficit.

Passage of the legislation on a 206-to-205 vote came amid predictions from some members of both parties that the controversial bill -- and the extraordinary leadership muscle used to pass it -- could hamper efforts to negotiate a nonpartisan deficit-reduction package and could send the wrong signal to shaky financial markets.

The bill, opposed by 41 Democrats, passed only after the House Democratic leadership employed a rarely used parliamentary maneuver to overcome a revolt that earlier had derailed the legislation. By first voting not to consider the tax measure, the House issued a stinging rebuke to Speaker Jim Wright (D-Tex.), his first major setback since assuming the post in January.

Republicans accused Wright of manipulating the voting process. They bellowed in protest when he held the vote open until a Democrat from his state, Rep. Jim Chapman, switched to turn the outcome.

The House floor erupted in boos and cries of "bush league" as Wright announced that the bill had passed, minutes after he had said the time to cast votes had ended with the vote 206-to-205 against passage.

Even some Democrats feared that lingering bitterness over the narrow vote could harm the deficit-reduction talks that for three days have occupied lawmakers and senior Reagan administration officials on the Senate side of the Capitol.

Wright conceded that the vote "is not a strong mandate." The speaker and his lieutenants had pushed the measure in order to maintain pressure on the Reagan administration in the budget talks and to demonstrate to Wall Street that Congress is serious about reining in the deficit.

Final action on the bill came only after Democratic leaders quashed the earlier rebellion by rushing the bill back to the House Rules Committee and removing one of its controversial provisions, a welfare-overhaul package that even some supporters said they wanted considered separately. In early evening, after a second "legislative day" was declared, the House reversed course and, 238 to 182, voted to bring the measure back to the floor.

Adding to the bill's unpopularity was an authorization of a 3 percent pay raise for federal employes tucked away in the back pages. The raise, higher than requested by President Reagan, would cover the military and members of Congress and take effect Jan. 1.

"I think welfare was symbolic," said Rep. J.J. (Jake) Pickle (D-Tex.). "The real problem is taxes and the pay raise. Everybody is choosing their own little section for complaints. And nobody really wants to bite the bullet and cut the deficit."

The Democratic leadership's temporary loss of control was unusual for a body that normally follows rigid rules of procedure designed to enforce party discipline and order on the floor. Democrats who bucked the leadership yesterday ranged across the ideological spectrum, from conservatives who wanted more spending cuts to moderates who did not want to jeopardize the budget talks to liberals who objected to special tax concessions to some corporations.

To overturn the rule's defeat, Wright had to employ virtually every legislative tactic at his disposal, including turning yesterday into today. To get around a requirement that a rule cannot be enacted on the day it is approved by the committee, the House adjourned for the day at 3:17 p.m. and a minute later went into session for the following "day." Without the move, consideration of the bill would have had to wait until today, when many legislators were scheduled to return to their districts.

The maneuver, which has been used one other time in recent history, brought jeers, catcalls and jokes from House Republicans, who spent much of the day demanding roll-call votes and employing other delaying tactics on the House floor.

"The House is convinced the sun rises and sets over it, but this is the first time I've ever seen us readjust the sun," said Rep. Hank Brown (R-Colo.).

Wright made a six-minute appeal for approval of the rule before it went down. Several Democrats said the speaker had been aware that there was substantial opposition to including the welfare provisions in the tax bill, but went ahead anyway.

"Our message has been the same all week," said Rep. Charles W. Stenholm (D-Tex.), a leader of the revolt. "We told him {Wright} on Monday. We told him on Tuesday. We told him on Wednesday, that the votes weren't there."

Wright supporters pointed out that he had been under heavy pressure from liberal advocates of the welfare package to include it in the tax bill, which also includes spending cuts of $2.5 billion. With its excision from the package, chances that the welfare-overhaul bill will pass this year are slim.

The tax measure would extend the 3 percent excise tax on telephone use, limit deductions for home-equity loans and impose several limits on tax benefits available to corporate "raiders" who attempt takeovers. However, Ways and Means Committee Chairman Dan Rostenkowski (D-Ill.) said last night he would be willing to jettison the takeover provisions, which have been blamed in part for stock market's collapse.

Meanwhile, the high-level budget talks between White House representatives and Hill negotiators proceeded slowly on their third day and were devoted largely to defining the terms under which more substantive talks will proceed.

The "heavy lifting" of determining spending cuts and tax increases will begin today, said House Budget Committee Chairman William H. Gray III (D-Pa.).