#deduction #health #insurance #premia #provisio The section states that: (1) In computing the total income of an assessee, being an individual or a Hindu undivided family, there shall be deducted such sum, as specified in sub-section (2) or sub-section (3), payment of which is made by any mode as specified in sub-section (2B), in the previous year out of his income chargeable to tax. (2) Where the assessee is an individual, the sum referred to in sub-section (1) shall be the

#Section44 #IncomeTax #Insurance #Business The profits and gains of any insurance business, including any such business carried on by a mutual insurance company or by a co-operative society, shall be computed in accordance with the provisions of Section 199 of this Act and Sections 28 to 43B, notwithstanding anything to the contrary contained in the provisions of this Act relating to the computation of income chargeable under the head "Interest on securities," "Income from Ho

#INCOMETAX #SECTION38 #BUILDINGUSED #PARTIALLYUSED #ASSESSINGOFFICER #REPAIRS #INSURANCE #RISKOFDAMAGE #DEPRECIATION It relates to the deductions for structures, etc., that are partially or not entirely utilised for business. The provisions of this section are summarized in the following two sentences: Deductions for real estate are utilised for a business or profession but also partially used by the assessee for his private abode. When the assessee utilises his property (bui

#INCOMETAX #SECTON30 #RENT #RATES #TAXES #REPAIRS #INSURANCE #BUILDING #SECTION43 #SECTION139 #SECTION30 The following deductions are permitted for rent, rates, taxes, repairs, and insurance for real estate used for a trade or profession: A. If the assessee is the tenant of the property, the amount paid as rent; If he has agreed to pay for repairs to the property, the amount paid on account of such repairs; If he is not the tenant, the amount paid by him on account of current

#Section31 #IncomeTax #Repairs #Insurance #Machinery #Equipment Introduction Finance Act 2020 and the Income-tax Rules amend Section 31 of the Income Tax Act of 1961. Furniture, equipment, and machinery repairs and insurance. The provisions of Section 31 of the Income-tax Act of 1961 are now known to us. The revised section 31 clause is applicable to the fiscal year 2020–21 and the assessment year 2021–22. The Income Tax Act, 1961, Bare Act, Income Tax Rules, 1962, regulation