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, 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 ¹⁹[sub-sections (1), (1A) 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 :

²⁰[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 : For the purposes of this section and section 58, "foreign company" shall have the same meaning as in section 80B.]

 

 

 

[As amended by the Finance Act, 1983]