The Income-Tax Act, 1961

31. 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.

³[Explanation.-For the removal of doubts, it is hereby declared that the amount paid on account of current repairs shall not include any expenditure in the nature of capital expenditure.]

3. Ins. by s. 15, ibid. (w.e.f. 1-4-2004).

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