Section 31 of Income Tax Act 1961-REPAIRS AND INSURANCE OF MACHINERY, PLANT AND FURNITURE

Section 31 of 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.