what deduction are allowed to a businessman in computing profit?
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) the amount of any rent paid for the premises in which the business or profession is carried on:
Provided that if a substantial part of the premises is used by the assessee as a dwelling-house, the amount shall be a proportionate part of the rent having regard to the proportionate annual value of the part so used;
(ii) the amount paid for the repair of the hired premises in which the business or profession is carried on if the assessee has undertaken to bear the cost of such repair:
Provided that if a substantial part of the premises is used by the assessee as a dwelling-house, the amount shall be a proportionate part of the sum paid for such repair having regard to the proportionate annual value of the part so used;
(iii) the amount of any interest paid or any profit shared with a bank run on Islamic principles in respect of capital borrowed for the purposes of the business or profession:
Provided that if any part of such capital relates to replenishing the cash or to any other asset transferred to 1[ any other entity, when lending of money is not the business of transfer or], the amount shall be proportionate part of the interest so paid or the profit so shared having regard to the proportion of such capital so used;
(iv) any sum paid or credited to any person maintaining a profit and loss sharing account or deposit with a bank run on Islamic principles by way of distribution of profits by the said bank in respect of the said account of deposit;
(v) an amount not exceeding 2[ five per cent] of the total income carried to any special reserve created by such financial institution and for such purposes as may be approved by the Government in this behalf, if the aggregate amount standing in such reserve does not exceed the paid up share capital of the institution;
(vi) the amount paid on account of current repairs to buildings, machinery, plant or furniture used for the purpos
Provided that if a substantial part of the premises is used by the assessee as a dwelling-house, the amount shall be a proportionate part of the rent having regard to the proportionate annual value of the part so used;
(ii) the amount paid for the repair of the hired premises in which the business or profession is carried on if the assessee has undertaken to bear the cost of such repair:
Provided that if a substantial part of the premises is used by the assessee as a dwelling-house, the amount shall be a proportionate part of the sum paid for such repair having regard to the proportionate annual value of the part so used;
(iii) the amount of any interest paid or any profit shared with a bank run on Islamic principles in respect of capital borrowed for the purposes of the business or profession:
Provided that if any part of such capital relates to replenishing the cash or to any other asset transferred to 1[ any other entity, when lending of money is not the business of transfer or], the amount shall be proportionate part of the interest so paid or the profit so shared having regard to the proportion of such capital so used;
(iv) any sum paid or credited to any person maintaining a profit and loss sharing account or deposit with a bank run on Islamic principles by way of distribution of profits by the said bank in respect of the said account of deposit;
(v) an amount not exceeding 2[ five per cent] of the total income carried to any special reserve created by such financial institution and for such purposes as may be approved by the Government in this behalf, if the aggregate amount standing in such reserve does not exceed the paid up share capital of the institution;
(vi) the amount paid on account of current repairs to buildings, machinery, plant or furniture used for the purpos
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