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[ Sec. 58 ] : Amounts Expressly Disallowed from 'Income from Other Sources'

5.3.      AMOUNT EXPRESSLY DISALLOWED :

The following expenses are not allowed to be deducted form such income :

1. Personal Expenses :           Any persona expenses of the assessee is not deductible.

2. Interest :     Any Interest chargeable under this Act which is payable outside India on which tax has not been paid or deducted at source.

3.  Salary :       Any payment chargeable under head “Salaries” and payable outside India not deductible if tax has not been paid or deducted therefrom.

4.  Wealth Tax :          Any sum paid on account of Wealth tax is not deductible.

  1. Expenditure in respect of Royalty and Technical Fees received by a foreign company :           
  1. Expenditure in respect of winning from Lotteries etc. :           In case an assess has income from lotteries, crossword puzzles, races including horse races, card games and other games of any sort or from gambling or betting of any form or nature whatsoever, such assessee shall not be allowed any deduction in respect of any expenditure or allowance in connection with such incomes.
 

Related Topics....'Income from Other Sources'

Scope of Income Chargeable under the head 'Income from Other Sources' (Section 56)
Taxable Incomes under the head 'Income from Other Sources' [Section 56(2)]
Taxability of Dividend Income [Section 56(2)(i)]
Winnings from Lotteries, Crossword Puzzles, Horse Races and Card Games [Section 56(2)(ib)]
Interest on Securities under the head 'Income from Other Sources' [Section 56(2)(id)]
Income from Letting Out of Machinery , Plant or Furniture [Section 56(2)(ii)]
Income from Composite Letting of Machinery, Plant or Furniture and Buildings [Section 56(2)(iii)]
Share Premium in excess of the Fair Market Value to be treated as Income [Section 56(2)(viib)]
Interest on Compensation or Enhanced Compensation [Section 56(2)(viii)]
Forfeiture of Advance Received for Transfer of a Capital Asset to be Taxed under the head "Income from Other Sources" [Section 56(2)(ix)]
Income of any person to include not only gift of money from any person(s) but also the gift of property (whether movable or immovable) or property acquired for inadequate consideration [Section 56(2)(x), w.e.f. A.Y. 2018-19]
Amount Expressly Disallowed in computing the 'Income from Other Sources' (Section 58)
Deductions Allowed in computing the 'Income from Other Sources'(Section 57)
 
 
 
Taxation in Business & Profession [Section 28 to 44]
Taxation in Business & Profession [Section 28 to 44]

Computation of income under the head 'Profits and Gains of Business or Professions' [Section 28 to 44]

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Tax Computation with Assessment of Salaried Person, HUF, Individuals
Tax Computation with Assessment of Salaried Person, HUF, Individuals.

Computation of Income with Assessment Under the Head 'Salary', 'HUF', 'Individuals'.


Indivisuals
HUF
Salaried Person
 
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