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.
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