Section 18. Interest-tax deductible in computing total income under the Income-tax Act

18. Interest-tax deductible in computing total income under the Income-tax Act. [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.] [Footnotes] 1. Subs. by Act 49 of 1991, s. 106, for section 18 (w.e.f. 1-10-1991).