Section 57 Income Tax Act

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.

Section 57 income tax act. Ii a 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 fifteen thousand rupees whichever is less. Section 57 iii of the act is in line with the section 37 1 of the act which in general subject to its explanation makes available deduction of any expenditure not being expenditure of the nature described in sections 30 to 36 of the act and not being in the nature of capital expenditure or personal expenses of the assessee laid down or expended wholly and exclusively for the purposes of the business or profession while computing the income chargeable under the head profit and gains. Standard deduction in the case of family pension section 57 iia in the case of income in the nature of family pension the amount deductible is rs.

Deductions for expenses from dividend income section 57 i and 57 iii. Section 57 of income tax act deductions. Allowable expenses as per section 57 of it act 1961 are.

15 000 or 33 1 3 of such income. Ia in the case of income of the nature referred. The total income in the year from family pension is calculated and from it a deduction of one third of this income is allowed or a deduction of 15 000 is allowed whichever is less.

The income chargeable under the head income from other sources shall be computed after making the following deductions namely 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. 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. Central government act section 57 in the income tax act 1995 57.

Deductions 1 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. 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 ii a of the income tax act allows the following deduction from the family pension. Section 57 of income tax act 1961 2017 deductions from income from other sources chapter iv sections 14 59 of income tax act 1961 deals with provisions related to computation of total income.