Section 31Central Act

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

The Income-tax Act, 1961

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.

[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).]

Sec 30 — Rent, rates, taxes, repairs and insurance for buildings

Sec 32 — Depreciation

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