Section 30 of Income Tax Act 1961-RENT, RATES, TAXES, REPAIRS AND INSURANCE FOR BUILDINGS

Section 30 of Income Tax Act 1961-RENT, RATES, TAXES, REPAIRS AND INSURANCE FOR BUILDINGS:

 In respect of rent, rates, taxes, repairs and insurance for premises, used for the purposes of the business or profession, the following deductions shall be allowed - (a) Where the premises are occupied by the assessee -

(i) As a tenant, the rent paid for such premises; and further if he has undertaken to bear the cost of repairs to the premises, the amount paid on account of such repairs;

 (ii) Otherwise than as a tenant, the amount paid by him on account of current repairs to the premises;

(b) Any sums paid on account of land revenue, local rates or municipal taxes;

 (c) The amount of any premium paid in respect of insurance against risk of damage or destruction of the premises.