Substitution of new section for section 18
Section 106 of the Finance Act, 1991 deals with substitution of new section for section 18. Substitution of new section for section 18.
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]
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Section 106, The Finance Act, 1991 (Act 49 of 1991).
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
Questions about Section 106
What does Section 106 of the Finance Act deal with?
Section 106 of the Finance Act is headed "Substitution of new section for section 18". Substitution of new section for section 18.
How do I find court cases under Section 106 of the Finance Act?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 1991 106, section 106 Finance Act 1991, section 106 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
What should I read with Section 106 of the Finance Act, and has it changed?
Its own text turns on section 18 (Amendment of section 47), Interest-tax Act 18 (Interest-tax deductible in computing total income under the Income-tax Act), so none of them can safely be read on its own.
When was the Finance Act enacted?
Finance Act was enacted in 1991 as Act 49 of 1991. India Code records no commencement date for it. It is in force as at the date shown on this page.
Other sections of this Act
- First Schedule. First Schedule7022 words
- 2. Income-tax2374 words
- 32. Insertion of new section 80-IA2233 words
- 101. Substitution of new sections for sections 11 to 131889 words
- 5. Amendment of section 101415 words
- 28. Amendment of section 80HHC1101 words
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