Interest-Tax Act, 1974

59. Substituted by the Finance (No. 2) Act, 1991, w.e.f. 1-10-1991. Prior to substitution, section 18 read as under :

‘18. Interest-tax deductible in computing total income under Income-tax Act.—Notwithstanding anything contained in the Income-tax Act, in computing the income of a scheduled bank chargeable to income-tax under the head “Profits and gains of business or profession”, the interest-tax payable by the sched­uled bank for any assessment year shall be deductible from the profits and gains of the bank assessable for that assessment year.’