Section 15 in The Companies (Profits) Surtax Act, 1964
15. Surtax deductible in computing distributable income under Income Tax Act.-
Notwithstanding anything contained in clause (i) of section 109 of the Income-tax, in computing the distributable income of a company for the purposes of Chapter XI-D of that Act, the surtax payable by the company for any assessment year shall be deductible from the total income of the company assessable for that assessment year.
