India - Income Tax Act 2010 - Saarc

1.353 CH. IV - COMPUTATION OF INCOME FROM OTHER SOURCES S. 58accordance with the provisions of clause (va) of sub-section (1) ofsection 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, inaccordance with the provisions of sub-clause (ii) of clause (a) andclause (c) of section 30, section 31 and 45 [sub-sections (1) 46 [***] and(2)] of section 32 and subject to the provisions of 47 [section 38] ;48[(iia) in the case of income in the nature of family pension, a deduction ofa sum equal to thirty-three and one-third per cent of such income or49[fifteen] thousand rupees, whichever is less.Explanation.—For the purposes of this clause, “family pension” meansa regular monthly amount payable by the employer to a personbelonging to the family of an employee in the event of his death ;](iii) any other expenditure (not being in the nature of capital expenditure)laid out or expended wholly and exclusively for the purpose 50 ofmaking or earning such income;51[(iv) in the case of income of the nature referred to in clause (viii) of subsection(2) of section 56, a deduction of a sum equal to fifty per cent ofsuch income and no deduction shall be allowed under any other clauseof this section.]52[***]Explanation.—[Omitted by the Finance Act, 1988, w.e.f. 1-4-1989.]Amounts not deductible.5358. 54 [(1)] Notwithstanding anything to the contrary contained in section 57,the following amounts shall not be deductible in computing the incomechargeable under the head “Income from other sources”, namely :—(a) in the case of any assessee,—(i) any personal expenses of the assessee ;45. Substituted for “sub-sections (1) and (2)” by the Taxation Laws (Amendment) Act, 1970,w.e.f. 1-4-1971.46. “, (1A)” omitted by the Taxation Laws (Amendment & Miscellaneous Provisions) Act, 1986,w.e.f. 1-4-1988.47. Substituted for “sections 34 and 38”, ibid.48. Inserted by the Finance Act, 1989, w.e.f. 1-4-1990.49. Substituted for “twelve” by the Finance Act, 1997, w.e.f. 1-4-1998.50. For the meaning of the term “purpose”, see Taxmann’s Direct Taxes Manual, Vol. 3.51. Inserted by the Finance (No. 2) Act, 2009, w.e.f. 1-4-2010.52. Proviso omitted by the Finance Act, 1994, w.e.f. 1-4-1995. Prior to its omission, proviso wasinserted by the Finance Act, 1976, w.e.f. 1-6-1976 and later on substituted by the Finance(No. 2) Act, 1991, w.r.e.f. 1-4-1989.53. For relevant case laws, see Taxmann’s Master Guide to Income-tax Act.54. Inserted by the Finance Act, 1968, w.e.f. 1-4-1968 and is deemed always to have been therevide section 3 of the Income-tax (Amendment) Act, 1972.