Income Tax Act, 2025
Section 2: Ins. by s. 23, ibid. (w.e.f. 12019).
2. Ins. by s. 23, ibid. (w.e.f. 12019).
309
57. Deductions.—The income chargeable under the head “Income from other sources” shall be
computed after making the following deductions, namely:—
(i) 1[in the case of dividends, other than dividends referred to in section 115-O], 2[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 realising such dividend 2[or interest] on behalf of the assessee;
3[(ia) in the case of income of the nature referred to in sub-clause (x) of clause (24) of
section 2 which is chargeable to income-tax under the head “Income from other sources”, deductions,
so far as may be, in accordance with the provisions of clause (va) of sub-section (1) of section 36;]
(ii) in the case of income of the nature referred to in clauses (ii) and (iii) of sub-section (2) of
section 56, deductions, so far as may be, in accordance with the provisions of sub-clause (ii) of
clause (a) and clause (c) of section 30, section 31 and 4[sub-sections (1) 5*** and (2) of
section 32] and subject to the provisions of 6[section 38];
7[(iia) in the case of income in the nature of family pension, a deduction of a sum equal to
thirty-three and one-third per cent of such income or 8[fifteen thousand rupees], whichever is less.
Explanation.—For the purposes of this clause, “family pension” means a regular monthly amount
payable by the employer to a person belonging to the family of an employee in the event of his death;]
(iii) any other expenditure (not being in the nature of capital expenditure) laid out or expended
wholly and exclusively for the purposeof making or earning such income;
9[(iv) in the case of income of the nature referred to in clause (viii) of sub-section (2) of
section 56, a deduction of a sum equal to fifty per cent of such income and no deduction shall be
allowed under any other clause of this section.]
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11* * * * *
58. Amounts not deductible.—12[(1)] Notwithstanding anything to the contrary contained in
section 57, the following amounts shall not be deductible in computing the income chargeable under the
head “Income from other sources”, namely:—
(a) in the case of any assessee,—
(i) any personal expenses of the assessee;
13[(ia) any expenditure of the nature referred to in sub-section (12) of section 40A;]
(ii) any interest chargeable under this Act which is payable outside India (not being interest
on a loan issued for public subscription before the 1st day of April, 1938) on which tax has not
been paid or deducted under Chapter XVII-B 14***;
(iii) any payment which is chargeable under the head “Salaries”, if it is payable outside India,
unless tax has been paid thereon or deducted therefrom under Chapter XVII-B;
1[in the case of dividends, other than dividends referred to in section 115-O], 2[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 realising such dividend 2[or interest] on behalf of the assessee;
3[
in the case of income of the nature referred to in sub-clause
of clause
of
section 2 which is chargeable to income-tax under the head “Income from other sources”, deductions,
so far as may be, in accordance with the provisions of clause
of sub-section
of section 36;]
in the case of income of the nature referred to in clauses
and
of sub-section
of
section 56, deductions, so far as may be, in accordance with the provisions of sub-clause
of
clause
and clause
of section 30, section 31 and 4[sub-sections
5*** and
of
section 32] and subject to the provisions of 6[section 38];
7[
in the case of income in the nature of family pension, a deduction of a sum equal to
thirty-three and one-third per cent of such income or 8[fifteen thousand rupees], whichever is less.
Explanation.—For the purposes of this clause, “family pension” means a regular monthly amount
payable by the employer to a person belonging to the family of an employee in the event of his death;]
any other expenditure (not being in the nature of capital expenditure) laid out or expended
wholly and exclusively for the purposeof making or earning such income;
9[
in the case of income of the nature referred to in clause
of sub-section
of
section 56, a deduction of a sum equal to fifty per cent of such income and no deduction shall be
allowed under any other clause of this section.]
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58. Amounts not deductible.—12[
in the case of any assessee,—
any personal expenses of the assessee;
13[
any expenditure of the nature referred to in sub-section
of section 40A;]
any interest chargeable under this Act which is payable outside India (not being interest
on a loan issued for public subscription before the 1st day of April, 1938) on which tax has not
been paid or deducted under Chapter XVII-B 14***;
any payment which is chargeable under the head “Salaries”, if it is payable outside India,
unless tax has been paid thereon or deducted therefrom under Chapter XVII-B;