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. |
