INCOME-TAX ACT, 1961

CHAPTER IV

COMPUTATION OF TOTAL INCOME

Heads of Income

F—Income from other sources

Deductions

57. 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, any reasonable sum paid by way of commission or remuneration to a banker or any other person for the purpose of realising such dividend on behalf of the assessee ;

(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 sub-sections (1) and (2) of section 32 and subject to the provisions of sections 34 and 38;

(iii) 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.