[ Sec. 57 ] : Deductions from 'Income from Other Sources'

5.2       DEDUCTIONS FROM INCOME FROM OTHER SOURCES

The income chargeable to tax under this head is computed after making the following deductions :

1.         in case of Dividends and interest on Securities :          in the case of dividends or interest on securities, any reasonable sum paid by way of commission or remuneration to a banker or any other person for the purpose of realizing such dividend 3[or interest] on behalf of the assessee;

2.         In case of Income from letting of machinery , plant or furniture with or without building :     The following deductions shall be allowed from the income earned by letting of machinery , plant or furniture with or without building.

    1. Expenditure incurred on current repairs of plant, machinery, furniture or building.
    2. Insurance paid regarding these assets.
    3. Depreciation of plant, machinery and furniture . Depreciation in respect of Building will be allowed only if the assessee is the owner. It will not be allowed if the assessee is lessee or mortgagee in possession of the building.

3.         Deduction of amount deposited :         Any amount received by employer from his employee as their contribution to provident fund, E.S.i. Fund or superannuation fund is deemed as income u/s 59(ic) if not taxable under the head “Profit and Gains of Business or Professions.

4.         Standard Deduction in the case of family pension [ Sec.57(iia)] :       In the case of income in the nature of family pension, the amount deductible is Rs. 15,000 or 33 ½% of such income, whichever is less.

5.         Any other expenses fro earning income [ Sec. 57(iii)] :           if the following 4 basic conditions are satisfied :

    1. The expenditure should be incurred solely for earning such income

ii.    it should not be in the nature of capital expenditure
iii.   is should not be in the nature of personal expense.
iv.   is should be incurred in the relevant accounting year.

6.         With effect from the Assessment Year 2010-11, in case of interest on Compensation or Enhanced Compensation, 50% of such interest.

 
MORE TOPICS ...
Amounts Disallowed from 'Income from Other Sources' [Sec.58]
Basis of Charge-Income from Other Sourecs [Sec.56] : [Computation of Gross Total Income]
[Sec.57] : Deductions from 'Income from Other Sources'
Income from Other Sources : [Computation of Gross Total Income]
Income From Other Sources – in Nutshell
 
 
 
GST (India)
F.A.Q. on GST
GST Forms Download
GST Compensation Law
GST Enrollment Process
GST Law & Act.
GST Rules
GST Schedule ( I to V )
IGST Law & Act.
GST A Practical Knowledgebase
Filing GST Return
Enroll & Registration with GST
GST Office Tool to File GST Return
LIBRARY @ Tax Management
TAX & INVESTMENT GUIDE FOR "NRI"- Non-Resident Indians !
GUIDE & FAQ @ TAX
GRAPHICAL PRESENTATION @ TAX
TIPS & TRICKS @ TAX
MANAGERIAL & FINANCIAL DECISIONS @ TAX
5 GOLDEN RULES OF TAX PLANNING
FAMILY TAX PLANNING
DEDUCTIONS FROM YOUR INCOME
EXEMPTED INCOMES
HUF - FORMATION, MANAGEMENT & TAX PLANNING
COMPUTATION OF GROSS TOAL INCOME
INCOME TAX @ GLANCE
MULTIPLE KNOWLEDGEBASE ON TAX
51 TIPS ON TAX PLANNING
APPEALS UNDER INCOME TAX
ASSESSMENTS
PENALTIES UNDER IT DEPATMENTS
TAX SAVING SCHEMES
TAX READY RECKONER
TAX RATES
PROSECUTIONS UNDER INCOME TAX DEPARTMENT
TAXATION SYSTEM IN INDIA
CHARITABLE & RELIGIOUS TRUST - TAXATION
PRESCRIBED FORMS WITH with Section / Rules
 
TAX @ KNOWLEDGE BASE !

Most Popular Links :

Clubing of Income Deduction U/s 80C
Allowances Us-17(3) Exemption-Salary
Tax Amendment-2015 Taxable Income
Clubing of Income Tax Deductions
HUF Deduction HUF Investment
Gift by HUF HUF Tax Planning Tips
Tax Saving Schemes Tax Planning Tips
Refund of Tax Fringe Benefit Tax-FBT
Return Filing Assessment / Scrutiny
Notice from I.T. Dept. Incomes Types @ TDS
Exemptions-Tax Returns “Summon” U/s 131
'Black Money' @ I.Tax Big Gifts To Be Taxed
'Appeals' under I.Tax Assessment @ I.Tax
Exempted Incomes Capital Gain
Business & Professions House Property
Salaries @ I.Tax Partnership Firm
'Penalty' under I.Tax Act. Tax Ready Reckoner
Charitable Trust Useful Links @ I.Tax
 
Guide & FAQ on Tax Knowledgebase @ Taxation Income Tax @ Glance HUF - Formation, Planning & Taxation
Charitable & Religious TRUST NRI (Tax Planning,Saving,Investemnt) Tax Tutorials GST (FAQ, Law, Act. Rules, Schedule, Enrollment)
FAQs - Income Tax India    

Disclaimer:
All efforts are made to keep the content of this site correct and up-to-date. But, this site does not make any claim regarding the information provided on its pages as correct and up-to-date. The contents of this site cannot be treated or interpreted as a statement of law. In case, any loss or damage is caused to any person due to his/her treating or interpreting the contents of this site or any part thereof as correct, complete and up-to-date statement of law out of ignorance or otherwise, this site will not be liable in any manner whatsoever for such loss or damage.

The visitors may click here to visit the web site of Income Tax Department for resolving their doubts or for clarifications

Tally.ERP9 Book Online Order Tally.ERP9 Book Content