Income Tax Department

Ministry of Finance, Government of India

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Section 31

Repairs and insurance of machinery, plant and furniture

Section

Section Number

31

Chapter

CHAPTER IV - COMPUTATION OF TOTAL INCOME

Act

Income-tax Act, 1961

Year

1994

Repairs and insurance of machinery, plant and furniture

Repairs and insurance of machinery, plant and furniture
Repairs and insurance of machinery, plant and furniture.
4 31. 5In 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.
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