Section 18 - Interest-tax deductible in computing total income under the Income-tax Act - Interest-tax Act, 1974

[Interest-tax deductible in computing total income under the Income-tax Act. 18. Notwithstanding anything contained in the Income-tax Act, in computing the income of a credit institution chargeable to in come-tax under the head “Profits and gains of business or profes sion” or, under the head “Income from other sources”, the inter est-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.]