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

    • 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 ...

    • Income Tax || Change ITR form in Co-operative Society

      In the context of a CO-OPERATIVE SOCIETY, users have the flexibility to choose between two filing options using the software: ITR7 or ITR5. ITR 5 is designed for entities such as firms, LLPs, AOP, BOI, artificial juridical persons specified in ...

    • 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 ...

    • Income Tax Auditor manual updation

      If the client is using Spectrum software but wishes to update only the Income Tax Auditor, then: To resolve the error, please follow the steps provided below: Step 1: Navigate to the root location of the software, which can be either "C:\Program ...

    • Income Tax || Client Master Creation

      The initial phase in software involves establishing foundational components referred to as masters, encompassing entities such as Client PAN, Client Name, Date of Birth (DOB), Status, and more. Now, let's explore the step-by-step process for creating ...