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Report No. 12

61. Amounts not deductible.-

Notwithstanding anything to the contrary contained in section 60 [Section regarding deductions for income from other sources], the following amounts shall not be deductible in computing the income chargeable under the head "Income from other sources", namely:-

(a) in the case of any assessee-

(i) any personal expenses of the assessee;

(ii) any interest chargeable under this Act which is payable outside India (not being interest on a loan issued for public subscription before the 1st day of April, 1938), on which tax has not been paid or deducted under section 202 or 204 [Sections regarding deductions of tax at source], and in respect of which there is no person in India who may be treated as an agent under section 173 [section 43];

(iii) any payment which is chargeable under the head "Salaries", if it is payable without India, unless tax has been paid, thereon on assessment or deducted therefrom under section 201 [18(2)] or recovered under section 209 [18(7)];

[Section 12(2), proviso]

(b) in the case of a company, any expenditure or allowance of the nature referred to in section 40, clause; (c) [section 10(4A)(a) and (b)], notwithstanding that the amount thereof is included in the total income of any person referred to in section 40(c)(i) [10(4A) (a)].

[Section 12(5), part read with section 10(4A)]

Income-Tax Act, 1922 Back

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