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Report No. 12

29. Provisions applicable.-

The income of an assessee referred to in section 28 [section 10(1), part embodied in main section for income from business] shall be computed in accordance with the provisions of the following sections-

Section 30-Rent, repairs and insurance for buildings.

Section 31-Repairs and insurance of machinery, plant and furniture.

Section 32-Depreciation

Section 33-Development rebate.

Section 34 Conditions for depreciation allowance and development rebate.

Section 35-Expenditure on scientific research.

Section 35-Other deductions-

Insurance of stocks or stores.

Bonus or commission to employees.

Interest.

Contributions to certain funds for employees' benefit.

Animals.

Bad debts.

Section 37-General.

Section 38-Building etc. partly used for business etc. or not exclusively so used.

Section 39-Managing agency.

Section 40-Amounts not deductible.

Section 41-Profits chargeable to tax.

Section 42-Interpretation.

Section 43-Residences of employees.



Income-Tax Act, 1922 Back




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