As per section 57, the following deductions are allowed for computing income under the head “Income From Other Sources”:-
1) In the case of income derived from plant and machinery, and furniture, etc. let on hire the deduction allowed u/s 57(ii) are:
a) Amount paid on account of current repairs
b) Premium paid in respect of insurance against risk of damages or destruction
d) Benefit of unabsorbed depreciation
2) In the case of income in the nature of family pension, a deduction of a sum equal to thirty-three and one-third percent of such income or fifteen thousand rupees whichever is less.
3) 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.
4) In respect of contributions received for provident fund etc., the deductions of the same will be allowed only if such sum is credited by the assessee to the employer’s account in respective fund on or before the due date i.e. the date by which the assessee is required as an employer to credit such contribution to the employee’s account under the provisions of any law or term of contract or otherwise.
5) W.e.f. 01.04.2010, In the case of income by way of interest received on compensation or on enhanced compensation, a deduction of a sum equal to fifty per cent of such income and no other deduction shall be allowed under any other clause of this section.