[18. Interest-tax deductible in computing total income under the Income-tax Act.--Notwithstanding anything contained in the Income-tax Act, in computing the income of a credit institution chargeable to income-tax under the head "Profits and gains of business or profession" or under the head "Income from other sources", the interest-tax payable by the credit institution for any assessment year shall be deductible from the income, under the respective heads, of the credit institution assessable for that assessment year.]
Section 18: Interest-tax deductible in computing total income under the Income-tax Act.
The Interest-tax Act, 1974Central Act · Act 45 of 1974
Where this provision sits
| Act | The Interest-tax Act, 1974 |
|---|---|
| Section | 18 |
| Marginal note | Interest-tax deductible in computing total income under the Income-tax Act. |
| Jurisdiction | Central |
| Status | In force as published by the source |
How this provision has been amended
Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.
- substituted, Act 49 of 1991. . Subs. by Act 49 of 1991, s. 106, for section 18 (w.e.f. 1-10-1991).
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