• Manasa M

Section 58- Amounts Not Deductible

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The Income Tax Act, of 1961 is the main statute of Income Tax in India. It provides for levy, administration, collection, and recovery of Income Tax.


Regardless of anything mentioned to the contrary in Section 57, the following will not be deductible in computing the income chargeable under “Income from other sources”,


In the case of an assessee,

- any personal expenses of the assessee

- any expenditure of the nature referred to in sub-section (12) of section 40A ;


The interest which is payable outside India under this act, on which tax has not been paid or deducted under chapter XVII-B


Under the head “salaries”, any payment which is chargeable, if it is paid outside India unless tax has been paid on deduction under chapter XVII-B


The provisions of sub-clause (ia) and (iia) of clause (a) of section 40 will be, applied in computing the income chargeable under the head "Income from other sources" as they apply in computing the income chargeable under the head "Profits and gains of business or profession".


If the assessee is a foreign company, the provisions of section 44D will, be applied in computing the income chargeable under the head "Income from other sources" as they apply in computing the income chargeable under the head "Profits and gains of business or profession".


In the case of an assessee having income chargeable under the head "Income from other sources", no deduction in respect of any expenditure or allowance in connection with such income will be allowed under any provision of this Act in computing the income by way of any winnings from lotteries, crossword puzzles, races including horse races, card games and other games of any sort or from gambling or betting of any related nature.


Provided that nothing contained in this sub-section will apply in computing the income of an assessee, being the owner of horses maintained by him for running in horse races, from the activity of owning and maintaining such horses.


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