ITR 7 - Where we can enter Deductions under section 57

ITR 7 - Where we can enter Deductions under section 57

ITR 7 - Where we can enter Deductions under section 57
The income chargeable under the head "Income from other sources" shall be computed after making the following deductions, namely :—

 (i)  in the case of 17[dividends, other than dividends referred to in section 115-O], or interest on securities, any reasonable sum paid by way of commission or remuneration to a banker or any other person for the purpose of realising such dividend or interest on behalf of the assessee;

(ia) in the case of income of the nature referred to in sub-clause (x) of clause (24) of section 2 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 clause (va) of sub-section (1) of section 36;

(ii)  in the case of income of the nature referred to in clauses (ii) and (iii) of sub-section (2) of section 56, deductions, so far as may be, in accordance with the provisions of sub-clause (ii) of clause (a) and clause (c) of section 30, section 31 and sub-sections (1) and (2) of section 32 and subject to the provisions of section 38 ;

(iia) in the case of income in the nature of family pension, a deduction of a sum equal to thirty-three and one-third per cent of such income or fifteen thousand rupees, whichever is less.

Explanation.—For the purposes of this clause, "family pension" means a regular monthly amount payable by the employer to a person belonging to the family of an employee in the event of his death ;

(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;

(iv) in the case of income of the nature referred to in clause (viii) of sub-section (2) of section 56, a deduction of a sum equal to fifty per cent of such income and no deduction shall be allowed under any other clause of this section. 

Go to Transaction > Other Source Income > General Detail 


Enter here Interest Received on Compensation Or-operative Society detail 



Now check in ITR form > Schedule OS 




Hope this Helps 


    • Related Articles

    • How to select New Tax Regime in Income Tax Software?

      Form 10IE To Select New Tax Regime In Budget 2020, taxpayers were given an option to choose between the old and new tax regime. Under the new tax regime, taxpayers have an option to pay lesser tax on the total income.  That means taxpayers will not ...

    • TDS- Deductions under Section 80U

      TDS- Deductions under Section 80U In computing the total income of an individual, being a resident, who, at any time during the previous year, is certified by the medical authority to be a person with disability, there shall be allowed a deduction of ...

    • How to update Income Tax Auditor Software manually

      Solution: In Case of Client is using Spectrum software and wants to update the Zen Income Tax Auditor only : To resolve the error please follow the steps provided below: 1. Go to Root location of the software - "C:\Program Files (x86)\K.D.K. ...

    • Reason & Solution for Intimation under Section 143(1) of the Income-tax Act

      Intimation under Section 143(1) of the Income-tax Act Error discerption in Intimation  "The gross receipts/income, on which tax has been deducted, are to be entered in the schedules under the respective heads of income, as they are assessable in the ...

    • In Income Tax Auditor > When IFSC Code is not found

      IFSC Code not found  In the Income Tax Auditor software, you can search the IFSC code of most of the banks. If you are not able to search the IFSC code in the software, then follow the procedure given below for its solution. Step 1 First of all, you ...