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of <h1>Section 36: Allowable deductions for business income including insurance, employer contributions, interest, bad debts, and specified taxes</h1> Section 36 prescribes allowable deductions from business or professional income, including insurance premiums for business stocks and specified animal/cattle policies, employer-paid health/retirement contributions (provident, superannuation, pension, gratuity) within prescribed limits, interest on capital borrowed (excluding interest for period before asset is first used), bona fide bonuses/commissions, specified bad debts (with conditions and special rules for banks, financial institutions and provisions for doubtful debts), pro rata discount on zero-coupon bonds, contributions to certain funds, transaction taxes (securities, commodities) and marked-to-market or expected losses computed under notified income-computation standards. Conditions, limits and explanatory definitions apply.
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