India - Income Tax Act 2010 - Saarc

S. 58 I.T. ACT, 1961 1.35455[(ia) any expenditure of the nature referred to in sub-section (12) 56 ofsection 40A ;](ii) any interest chargeable under this Act which is payable outsideIndia (not being interest on a loan issued for public subscriptionbefore the 1st day of April, 1938) on which tax has not been paidor deducted under Chapter XVII-B 57 [***] ;(iii) any payment which is chargeable under the head “Salaries”, if itis payable outside India, unless tax has been paid thereon ordeducted therefrom under Chapter XVII-B ;(iv) 58 [***](b) 59 [***]60[(1A) The provisions of sub-clause (iia) of clause (a) of section 40 shall, so far asmay be, apply in computing the income chargeable under the head “Income fromother sources” as they apply in computing the income chargeable under the head“Profits and gains of business or profession”.]61[(2) The provisions of section 40A shall, so far as may be, apply in computing theincome chargeable under the head “Income from other sources” as they applyin computing the income chargeable under the head “Profits and gains ofbusiness or profession”.]62[(3) In the case of an assessee, being a foreign company, the provisions of section44D shall, so far as may be, apply in computing the income chargeable under thehead “Income from other sources” as they apply in computing the incomechargeable under the head “Profits and gains of business or profession”.]63[(4) In the case of an assessee having income chargeable under the head“Income from other sources”, no deduction in respect of any expenditure orallowance in connection with such income shall be allowed under any provisionof this Act in computing the income by way of any winnings from lotteries,crossword puzzles, races including horse races, card games and other games ofany sort or from gambling or betting of any form or nature, whatsoever :55. Inserted by the Finance Act, 1985, w.e.f. 1-4-1986.56. Sub-section (12) of section 40A was omitted by the Finance Act, 1992, w.e.f. 1-4-1993.57. “and in respect of which there is no person in India who may be treated as an agent undersection 163” omitted by the Finance Act, 1988, w.e.f. 1-4-1989.58. Omitted by the Finance (No. 2) Act, 1971, w.e.f. 1-4-1972. Original sub-clause was insertedby the Finance Act, 1968, w.e.f. 1-4-1969.59. Omitted by the Finance Act, 1988, w.e.f. 1-4-1989. Prior to its omission, clause (b) wasamended by the Finance Act, 1963, w.e.f. 1-4-1963 and Finance Act, 1968, w.e.f. 1-4-1969.60. Inserted by the Income-tax (Amendment) Act, 1972, w.r.e.f. 1-4-1962 subject to savingsprescribed by section 5 of the Amendment Act regarding certain cases decided by theSupreme Court.61. Inserted by the Finance Act, 1968, w.e.f. 1-4-1968.62. Inserted by the Finance Act, 1976, w.e.f. 1-6-1976.63. Inserted by the Finance Act, 1986, w.e.f. 1-4-1987.