Amounts not deductible in computing the Income From Other Sources - Section 58 - Income Tax - Ready Reckoner - Income Tax

SECTION 58 :- AMOUNTS NOT DEDUCTIBLE The following payments shall not be deductible in computing the income chargeable under the head Income From Other Sources:- Personal expense of the assessee Interest paid outside India on which tax has not been deducted at source Salaries paid outside India on which tax has not been deducted at source Disallowance provisions pertaining to TDS defaults covered by section 40(a)(ia) and 40(a)(iia) are applicable. Any expenditure referred u/s 40A like excessive payments to relatives and cash payments exceeding 20,000/35,000/- made in a mode other than account payee cheque/draft In the case of foreign companies, expenditure in respect of royalties and technical service fees as specified by section 44D is not deductible. Income tax or wealth tax paid Any expenditure or allowance in connection with winning of lottery, crossword puzzles, etc. However, expenditure incurred by the assessee for the activity of owing and maintaining race horses shall be allowed as deduction while computing the income from this activity Note:- Interest paid on amounts borrowed for meeting tax liabilities is not deductible, since the liability to pay income tax and wealth tax is a personal expense