10. Business.—(1) The tax shall be payable by an assessee under the head
["Profits and gains of business, profession or vocation"] in respect of the profits or gains of any
[business, profession or vocation] carried on by him.(2) Such profits or gains shall be computed after making the following allowances, namely:— (
i) any rent paid for the premises in which such
[business, profession or vocation] is carried on, provided that when any substantial part of the premises is used as a dwelling-house by the assessee, the allowance under this clause shall be such sum as the Income-tax Officer may determine having regard to the
[proportional annual value of the part] so used;(
ii) in respect of repairs, where the assessee is the tenant only of the premises, and has undertaken to bear the cost of such repairs, the amount paid on account thereof, provided that, if any substantial part of the premises is used by the assessee as a dwelling-house, a proportional part only of such amount shall be allowed;(
iii) in respect of capital borrowed for the purposes of the
[business, profession or vocation],
* * the amount of the interest paid:
[Provided that no allowance shall be made under this clause in any case for any interest chargeable under this Act which is payable without
[the taxable territories], not being interest on a loan issued for public subscription before the 1st day of April, 1938, except interest on which tax has been paid or from which tax has been deducted under section 18 or in respect of which there is an agent in
[the taxable territories] who may be assessed under section 43 or, in the case of a firm, for any interest paid to a partner of the firm;]
Explanation.—Recurring subscriptions paid periodically by shareholders or subscribers in such Mutual Benefit Societies a
.... To read the full section download the app from Google Play store
CAclubindia
