Section 18 — Interest-tax deductible in computing total income under the Income-tax Act.
The Interest-tax Act, 1974
1 [ 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.]Open in Lexace · Ask the AI about this section