Question

What deductions are allowed to a businessman in computing profits? Specify the expenses disallowed.​

Answer 1

Answer:

Expenses Allowed as Deductions against Profits and Gains of Business or Profession [Section-30-37]

Rent, Rates, Taxes, Repairs And Insurance For Building [Section 30]

Repairs and insurance of machinery, plant and furniture [Section 31]

Depreciation [Section 32]