Income from Machinery, Plant or Furniture let on Hire - (New) Section 92(2)(f) / (Old) Section 56(2)(ii)

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.... and let on hire, if the income is not chargeable to income-tax under the head "Profits and gains of business or profession"; Following Deduction allowed [ Section 93(1)(c) ] For income derived from the letting of machinery, plant, or furniture (with or without buildings), the following deductions are allowed: • Operational Expenses: Deductions are specified under....

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....onging to the assessee and let on hire, if the income is not chargeable to income-tax under the head "Profits and gains of business or profession"; Income from Machinery, plant or furniture let on hire (if the same is not taxable as business income) • Income from machinery, plant or furniture belonging to the assessee and let on hire is taxable as income  from other sourc....

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.... he is obligated to undertake them. (ii) Section 30(c) - Rent, rates, taxes, repairs and insurance for buildings Allows deduction of: • Land revenue, • Local rates, • Municipal taxes, in respect of the premises used for earning such income. (iii) Section 31 - Repairs and insurance of machinery, plant and furniture Allows deduction for: ....