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

Repairs and insurance of machinery, plant and furniture is defined under section 31 of Income Tax Act 1961. Provisions under this section is:

Section 31 of Income Tax Act "Repairs and insurance of machinery, plant and furniture"

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

 

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.

Explanation.-For the removal of doubts, it is hereby declared that the amount paid on account of current repairs 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

 

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