Rent, rates, taxes, repairs and insurance - (New) Section 28 / (Old) Section 30

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....es that can be claimed as deductions when assets are used for business/profession. [ Section 28(1) ] Clause (b) -  land revenue, local rates or municipal taxes paid • Covers statutory payments like: • Property tax • Municipal tax • Local authority charges • Land revenue • Must be actually paid (not jus....

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....ure is: • Partly used for business, OR • Not wholly and exclusively used for business • the deduction allowable • Deduction is restricted proportionately as determined by the Assessing Officer. Under Section 30 of the Income Tax Act, 1961 [ Upto 31.03.2026 ] Rent, rates, taxes, repairs and insurance for buildings. Ded....