Section 58: Expenses not allowed as deduction under Income From Other Sources:
- Any personal expenses of the assessee not allowed as deduction.
- Any interest chargeable under this Act which is payable outside India on which TDS has not been paid or deducted.
- Any payment which is chargeable under the head Salaries, if it is payable outside India, unless TDS has been paid thereon or deducted.
- Cash expenditure exceeding 10,000. Provisions of Section 40A(3) shall apply.
- 30% of any sum payable to a resident on which TDS has not been paid or deducted at source. Provision of section 40(a)(ia) shall apply. Any expenditure incurred in connection with casual income. However, this prohibition will not apply in respect of the income of an assessee, being the owner of race horses, from the activity of owning and maintaining such horses. Any expenses incurred in respect of such activity shall be allowed even in the absence of any stake money earned. Such loss shall be allowed to be carried forward u/s 74A.
