IT Act 31Chapter IV · Computation Of Total Income

Section 31 · Repairs and insurance of machinery, plant and furniture

Text size — level 1 of 4
- 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.] [ Inserted by Act 32 of 2003, Section 15 (w.e.f. 1.4.2004).]

Your private note on this section

Only you can see this note.