Section 57

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 ^93a[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 ^93a[or interest] on behalf of the assessee;

⁹³[(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 ⁹⁴[sub-sections (1), ⁹⁵[***] and (2)] of section 32 and subject to the provisions of ⁹⁶[section 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:

⁹⁷[Provided that nothing contained in clause (i) or clause (iii) shall apply in computing the income by way of dividends in the case of an assessee, being a foreign company.

Explanation : ^97a[Omitted by the Finance Act, 1988, w.e.f. 1-4-1989.]

[AS AMENDED BY THE FINANCE ACT, 1988]