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Section 31 – Income Tax Act, 1961

Income Tax Act, 1961

 

Section 31. REPAIRS AND INSURANCE OF MACHINERY, PLANT AND FURNITURE.

 

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.

 

 

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Income Tax Act, 1961 

 

Indian Laws – Bare Acts

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