Report No. 12
The income chargeable under the head "Income from other sources" shall be computed after making the following deductions, namely:-
(i) in the case of dividends, any reasonable sum paid by .way of commission of remuneration to a banker or any other person realising such dividend on behalf of the assessee;
[Section 12(2), main para., part.]
(ii) in the case of income of the nature referred to in section 58(2), clauses (ii) and (iii), [new sub-sections regarding income from hire of machinery etc, and lease of buildings, inseparable from machinery, in the section regarding chargeability], deductions, so far as may be, in accordance with the provisions of sections 30(a)(ii), 30(c), 31, clauses (i) and (ii), 32(1), clauses (i) (ii) and (iv), and 36, clause (1) [section 10(2)(iv), (v), (vi) and (vii) portions incorporated in draft section for deductions in income from business], and subject to the provisions of sections 34 and 38 [section 10, provisions incorporated in draft section regarding conditions for depreciation and development rebate and partial user];
[Section 12(3) and (4), part for deductions]
(iii) any other expenditure (not being in the nature of capital expenditure) laid out or expended wholly and exclusively for the purpose of making or earning such income.......
[Section 12(2), main para., part]