Home > Income Tax > Business or Professions > Rent,Repairs,Insurance etc. – Section 30

Rent,Repairs,Insurance etc. – Section 30

The following expenses are allowed as deduction from income of Business or Profession:-
+ Amount spent on repairs to the premises.
+ Amount paid for land revenue, local rates and municipal taxes subject to Section 43B.
+ Insurance Premium paid for covering risk of damage of premises.
+ Rent paid for the premises.
+ Amount spend on repairs by tenant is allowable as deduction to the tenant.

Notes:- If any amount is incurred as capital expenditure, then it is not allowed as deduction. But depreciation can be claimed on such amount.
If capital expenditure is incurred by tenant, then depreciation is allowed to tenant only.
If expenditure incurred or asset used partly for business and partly for other purpose, the only proportionate amount is allowed as deduction. [ Section 38 ]

About Rohit Pithisaria

Rohit Pithisaria is a Practicing Chartered Accountant from Jaipur and been in practice for more than 7 years. He is actively writing from very beginning of his professional career and is author of various tax articles and blogs.

Leave a Reply

Your email address will not be published. Required fields are marked *

GST & Income Tax Fortnightly Magazine for CA/Tax Practitioners

Remain updated with latest tax laws





 
Subscribe Now
close-link