Clause 28 of 2025 Income Tax Bill Defines Deductions for Business Assets Including Rent, Repairs, and Insurance Premiums.

Clause 28 of the Income Tax Bill, 2025, outlines deductions allowed for premises, machinery, plant, or furniture used wholly and exclusively for business or professional purposes. Deductions include insurance premiums against damage, land revenue, local rates, municipal taxes, rent for tenant-occupied premises, and costs of repairs excluding capital expenditure. If these assets are only partly used for business purposes, the deduction is limited to a fair proportion determined by the Assessing Officer based on their business usage.