Introducing the “In Favour Of” filter in Case Laws.
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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Interest-tax Deduction for Credit Institutions Now Allowed Under Income-tax Act from October 1, 1991, per Section 18 Update.</h1> Section 18 of the Interest-tax Act is replaced by a new provision effective from October 1, 1991. This new section specifies that the interest-tax paid by a credit institution is deductible when computing its total income under the Income-tax Act. This deduction applies to income assessed under 'Profits and gains of business or profession' or 'Income from other sources' for any given assessment year.
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