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?
Menu
PLZ HELP IN SEC 115A
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.
Recent Topics :
- Direct Cost booking
- TDS on Property Purchase Paid
- Cash Purchase Above ₹10,000, ITR/40A(3) Trea
- TDS on dividend to non resident shareholders
- Best CA Inter classes in Laxmi Nagar for Group 1?
- Gst refund
- Compliance under Society Act 1860
- Hi experts need help
- How to object stamp duty value if property is sold
- Residential House property and it's loan can shown
Related Topics :
CAclubindia
