PLZ HELP IN SEC 115A

Tax queries 642 views 1 replies

Dear Member,

Can anyone tell me that if any income by way of interest received by Non Resident and any expenditure incurred for earning such income can be allowed as deduction U/S 57?

Replies (1)

Under Chapter XII of IT act which deals with special provisions relating to payment of tax,it has been made clear that in case of special provisions no deductions u/s 57 wiil b allowed.

Just remember these  tools in regard Chapter XII(applicable to NR,Foreign CO).:(sec115A/AB/AC/AD/BBA)

*If ther's a bizness income-----No dedn.u/s 28 to 44C

*If ther's Income U/Head Other Sources ----- No Dedn.u/s 57

*No dedn for Chapter VIA except from 115A(1)(b) i.e. income 4m royalty + fees 4m technical services

*Proviso I and Proviso II to sec 48 nt applicable  except in case of sec 115 E

*Chapter VI A i'e' set off loss allowed 4m Income taxable at spl rate.

I hope now u can answer ur question very well.

 


CCI Pro

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