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TMI BlogDeductions from gross residuary income.X X X X Extracts X X X X X X X X Extracts X X X X ..... apital expenditure) is laid out or expended, wholly and exclusively, for the purposes of making or earning the gross residuary income; and (ii) it fulfills all other conditions, if any, specified therein; and (b) the amount of deductions specified in sub-section (3) subject to the fulfilment of the conditions, if any, specified therein; and (c) any amount received during the financial year as divi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rmined, so far as may be, in accordance with the provisions of clause (xxx) of sub-section (2) of section 35 in respect of income of the nature referred to in clause (e) of sub-section (2) of section 58; (d) the amount determined, so far as may be, in accordance with the provisions of section 37 and subject to the provisions of sub-section (3) of section 34 in respect of income of the nature refer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... any of the years during the term of the policy does not exceed five per cent. of the capital sum assured; and (ii) the amount is received only upon completion of original period of contract of the insurance; (e) the amount included in income under clause (y) of sub-section (2) of section 58, if tax on distributed income in respect of the insurance policy has been paid by the insurer under section ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ction, namely:— (a) any amount relating to personal expenses of the person; (b) any amount of tax, interest or penalty paid under this Code or the Income-tax Act, 1961 or the Wealth Tax Act, 1957 as they stood before the commencement of this 43 of 1961 code; or 27 of 1957. (c) any payment or aggregate of payments made to a person in a day, otherwise than by an account payee cheque drawn on a bank ..... X X X X Extracts X X X X X X X X Extracts X X X X
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