Section 58

Amounts not deductible.

58. (1) Notwithstanding anything to the contrary contained in section 57, the following amounts shall not be deductible in computing the income chargeable under the head "Income from other sources", namely :—

(a) in the case of any assessee—

(i) any personal expenses of the assessee ;

(ii') any interest chargeable under this Act which is payable outside India (not being interest on a loan issued for public subscription before the 1st day of April, 1938), on which tax has not been paid or deducted under Chapter XVI1B and in respect of which there is no person in India who may be treated as an agent under section 163 ;

(iii) any payment which is chargeable under the head "Salaries", if it is payable outside India, unless tax has been paid thereon or deducted therefrom under Chapter XV1IB ;

(iv) [Omitted by the Finance (No. 2) Act, 1971, w.e.f. 1-4-1972 ;]

(b) in the case of a company, any expenditure or allowance of the nature referred to in clause (c) of section 40, notwithstanding that the amount thereof is included in the total income of any person referred to in sub-clause (i) of clause (c) of section 40.

³[(1A) The provisions of sub-clause (iia) of clause (a) of section 40 shall, so far as may be, apply 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".]

(2) The provisions of section 40A shall, so far as may be, apply 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".

⁴[(3) In the case of an assessee, being a foreign company, the provisions of section 44D shall, so far as may be, apply 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".]

 

 

 

[As Amended by the Finance Act, 1976]