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of <h1>Section 30 of Income Tax Act: Deductions for Rent, Repairs, Taxes, and Insurance; Capital Expenses on Leasehold Premises Explained.</h1> Section 30 of the Income Tax Act allows deductions for rent, repairs, land revenues, local rates, municipal taxes, and insurance premiums for building premises, applicable to both owners and tenants. Capital expenditures on repairs by tenants are treated as deemed building, allowing depreciation, while for owners, such expenses are added to the building's cost. Payments related to land revenue and municipal taxes must comply with section 43B, requiring payment by the income return due date. Substantial construction or renovation expenses on leasehold premises are considered capital expenses, not revenue expenses, as they provide enduring benefits.
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