INCOME-TAX ACT, 1961

CHAPTER IV

COMPUTATION OF TOTAL INCOME

Heads of Income

D.—Profits and gains of business or Profession

Repairs and insurance of machinery, plant and furniture

31. In respect of repairs and insurance of machinery, plant or furniture used for the purposes of the business or profession) the following deductions shall be allowed—

(i) the amount paid on account of current repairs thereto;

(ii) the amount of any premium paid in respect of insurance against risk of damage or destruction thereof.