Interest-tax deductibility allows credit institutions to deduct interest-tax paid when computing taxable income under income-tax heads.

Notwithstanding anything in the Income-tax Act, the interest-tax payable by a credit institution for any assessment year shall be deductible from the income of the credit institution assessable for that assessment year when computing income chargeable under the heads "Profits and gains of business or profession" or "Income from other sources."

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