Income-tax Act : Repairs and isurance of machinery, plant and furniture. Indian Bare Acts :

Income-tax Act,1961

Act No : 43

Section : Repairs and isurance of machinery, plant and furniture.

31. 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.