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Deductions - Section 57 - Income Tax - Ready Reckoner - Income TaxExtract Section 57 DEDUCTION The income chargeable to tax under this head is computed after making the following deductions: In the case of dividend, other than income and interest on securities: any reasonable sum paid by way of remuneration or commission for the purpose of realising such dividend or interest Sum received by the assessee from his employees as contributions to any provident fund or superannuation fund or any fund set up under the provisions of the Employees' State Insurance Act, 1948 - In the case of income of the nature referred to in section 2(24)(x) which is chargeable to income-tax under the head Income from other sources , deductions, so far as may be, in accordance with the provisions of section 36(1)(va) In the case of income in the nature of family pension: 15,000 or 33⅓ percent of such income, whichever is lower. Any other expenditure (not being a capital expenditure) expended wholly and exclusively for the purpose of earning such income. In the case of interest on compensation or enhanced compensation: 50% of such interest and no deduction shall be allowed under any other clause of this section.
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