Interest-tax deduction reduces taxable income of credit institutions by allowing a deduction under business or other income heads. Interest-tax payable by a credit institution is deductible in computing that institution's total income for an assessment year, notwithstanding the Income-tax Act; the deduction is allowable against income chargeable under the head Profits and gains of business or profession or under the head Income from other sources for that assessment year.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Interest-tax deduction reduces taxable income of credit institutions by allowing a deduction under business or other income heads.
Interest-tax payable by a credit institution is deductible in computing that institution's total income for an assessment year, notwithstanding the Income-tax Act; the deduction is allowable against income chargeable under the head Profits and gains of business or profession or under the head Income from other sources for that assessment year.
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