Section 106 - Substitution of new section for section 18 - Finance (No. 2) Act, 1991

106. Substitution of new section for section 18. For section 18 of the Interest-tax Act, the following section shall be substituted, with effect from the 1st day of October, 1991, namely: 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. .