The deduction for interest expense under section 57 of the Income tax act from dividend income shall not exceed :

CS Executive · Tax Laws and Practice · PYQS · December 2021
The deduction for interest expense under section 57 of the Income tax act from dividend income shall not exceed :
(A) 10% of Dividend Income
(B) 20% of Dividend Income
(C) 30% of Dividend Income
(D) 40% of Dividend Income

Answer & Explanation:

Correct Answer: Option (B)

Official answer key: (B). Official source note: The deduction for interest expense under section 57 of the Income tax act from dividend income shall not exceed : (A) 10% of Dividend Income (B) 20% of Dividend Income (C) 30% of Dividend Income (D) 40% of Dividend Income 70

Topics: Income Tax Act, 1961

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