Section 57 Of Income Tax Act

I in the case of dividends other than dividends referred to in section 115 o 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 or interest on.

Section 57 of income tax act. Deductions 1 the income chargeable under the head income from other sources shall be computed after making the following deductions namely. The income tax department never asks for your pin numbers passwords or similar access information for credit cards banks or other financial accounts through e mail. I in the case of dividends other than dividends referred to in section 115 o 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 or interest on behalf of the assessee.

Section 57 of income tax act deductions. Every person answerable under this act for the payment of tax on behalf of another person may retain out of any money coming to his hands on behalf of the other person so much thereof as shall be sufficient to pay the tax. Allowable expenses as per section 57 of it act 1961 are.

Any other expenditure not being a expenditure of a capital nature expended wholly and exclusively for the purpose of making or earning such income can be claimed as a deduction. The income chargeable under the head income from other sources shall be computed after making the following deductions namely. The income chargeable under the head income from other sources shall be computed after making the following deductions namely.

C any other expenditure section 57 iii. Clause iii to section 57 makes admissible the deduction of any other expenditure not being in the nature of capital expenditure laid out or expended wholly and exclusively for the purpose of making or earning such income income chargeable under the head income from other sources. The income tax department appeals to taxpayers not to respond to such e mails and not to share information relating to their credit card bank and other financial accounts.

Income from other sources is computed after deducting various expenses incurred by a person as mentioned in section 57 of income tax act from income received and disallowing some specified type or nature of expenses as per section 58 of income tax act which are discussed as follows. Deductions permissible from letting out of machinery plant or furniture and buildings section 57 ii and iii. 6 2 in this regard it is also relevant to note that deduction of expenditure incurred for earning any income offered to tax as income from other sources is governed by the specific provisions under sec 57 of the act which provides that in respect of dividend and interest on securities the appellant may claim any reasonable sum paid by way of commission or remuneration to a banker or any other person for the purpose of realizing such dividend or interest income.