www.Aaptaxlaw.com
 
 
 

What is Income from profits and gains of business or profession, how computed? What is Rent, rates, taxes, repairs and insurance for buildings? Section 29 and 30 of Income Tax Act 1961

Income from profits and gains of business or profession, how computed and Rent, rates, taxes, repairs and insurance for buildings are defined under section 29 and 30 of Income Tax Act 1961. Provisions under these sections are:

Section 29 of Income Tax Act "Income from profits and gains of business or profession, how computed"

29. The income referred to in section 28 shall be computed in accordance with the provisions contained in sections 30 to 43D.

Section 30 of Income Tax Act "Rent, rates, taxes, repairs and insurance for buildings"

30. In respect of rent, rates, taxes, repairs and insurance for premises, used for the purposes of the business or profession, the following deductions shall be allowed-

 

(a) where the premises are occupied by the assessee-

(i) as a tenant, the rent paid for such premises; and further if he has undertaken to bear the cost of repairs to the premises, the amount paid on account of such repairs ;

(ii) otherwise than as a tenant, the amount paid by him on account of current repairs to the premises ;

(b) any sums paid on account of land revenue, local rates or municipal taxes ;

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

Explanation.-For the removal of doubts, it is hereby declared that the amount paid on account of the cost of repairs referred to in sub-clause (i), and the amount paid on account of current repairs referred to in sub-clause (ii), of clause (a), shall not include any expenditure in the nature of capital expenditure.

   
 

Income Tax Act 1961

What is Profits and gains of business or profession? Section 28 of Income Tax Act 1961

What is Income from profits and gains of business or profession, how computed? What is Rent, rates, taxes, repairs and insurance for buildings? Section 29 and 30 of Income Tax Act 1961

What is Repairs and insurance of machinery, plant and furniture? Section 31 of Income Tax Act 1961

What is Depreciation? Section 32 of Income Tax Act 1961

What is Investment allowance? Section 32A of Income Tax Act 1961

What is Investment deposit account? Section 32AB of Income Tax Act 1961

What is Investment in new plant or machinery? Section 32AC of Income Tax Act 1961

What is Investment in new plant or machinery in notified backward areas in certain States? Section 32AD of Income Tax Act 1961

 

Home     About Us     Privacy Policy     Disclaimer    Contact Us  Sitemap