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of <h1>Interest-tax paid by credit institutions is deductible under Income-tax Act for business or other income assessments.</h1> Interest-tax payable by a credit institution is deductible when computing total income under the Income-tax Act. This applies to income assessed under the heads 'Profits and gains of business or profession' or 'Income from other sources.' The deduction is applicable for the assessment year in which the interest-tax is payable, notwithstanding any other provisions in the Income-tax Act.
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