https://www.taxtmi.com/manuals?id=1084 Deduction is available for revenue expenditure on repairs, rent and insurance in relation to furniture, plant and machinery used for business or profession, including insurance premium for risk of damage or destruction and current repairs that are not capital in nature. Capital expenditure on repair is added to the cost of plant and machinery, while replacement of old machinery by new machinery is not allowable as revenue expenditure and depreciation applies instead. Replacement of worn out parts may be current expenditure, but replacement of an independent part of composite machinery may be capitalised. en-us Tue, 15 Sep 2015 10:35:00 +0530 Sat, 18 Apr 2026 13:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/manuals?id=1084 Deduction is available for revenue expenditure on repairs, rent and insurance in relation to furniture, plant and machinery used for business or profession, including insurance premium for risk of damage or destruction and current repairs that are not capital in nature. Capital expenditure on repair is added to the cost of plant and machinery, while replacement of old machinery by new machinery is not allowable as revenue expenditure and depreciation applies instead. Replacement of worn out parts may be current expenditure, but replacement of an independent part of composite machinery may be capitalised. Manuals Income Tax Tue, 15 Sep 2015 10:35:00 +0530 https://www.taxtmi.com/manuals?id=1084