Section 57 → Section 76
Deductions under Income from Other Sources
Quick Answer
Section 57 of the Income Tax Act, 1961 (Deductions under Income from Other Sources) corresponds to Section 76 of the Direct Tax Code 2025 (Income-tax Act, 2025), effective 1st April 2026. Status: Retained.
Sec 57
Provision Summary
Allows deductions for expenses wholly and exclusively incurred for earning 'other sources' income.
Sec 76
Provision Summary
Retained. Specifically restricts deductions against dividend income to interest expense only, capped at 20% of the dividend.
Key Changes & Highlights
- Standard deduction for family pension maintained.
Related Sections
Frequently Asked Questions
What does Section 57 of the Income Tax Act 1961 deal with?
Section 57 (Deductions under Income from Other Sources) Allows deductions for expenses wholly and exclusively incurred for earning 'other sources' income.
What is the new section number for Section 57 under the Direct Tax Code 2025?
Section 57 of the ITA 1961 maps to Section 76 of the Direct Tax Code 2025 (Income-tax Act, 2025), effective from 1st April 2026.
What is the status of Section 57 under the new tax code?
Section 57 is marked as "Retained" with status "Active". Impact: Medium - Dictates net taxable IFOS.
What are the key changes to Section 57 under DTC 2025?
Standard deduction for family pension maintained.
Disclaimer: This page is for educational and reference purposes only. Section mappings are based on publicly available drafts and circulars. Always consult a qualified Chartered Accountant before filing or making compliance decisions under the Direct Tax Code 2025.
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