# The Finance Act, 1991, Section 106: Substitution of new section for section 18

- Act: The Finance Act, 1991 (Act 49 of 1991)
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-1991/section/106/

## Text

Substitution of new section for section 18. 106. 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.'. [Finance (No. 2) Act, 1991] © Copyright. Taxmann Publications Pvt. Ltd.

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