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of <h1>Income Tax Bill 2025: Clause 28 Streamlines Deductions for Business Premises, Aligning with International Standards under Sections 30 & 31.</h1> Clause 28 of the Income Tax Bill, 2025, updates deductions for rent, rates, taxes, repairs, and insurance related to business premises and equipment. It aims to streamline and clarify the provisions of Sections 30 and 31 of the Income-tax Act, 1961, by consolidating them into a single framework. Key features include deductions for insurance premiums, local taxes, rent, and repairs, with a new mechanism for proportionate deductions when premises or equipment are partially used for business. This change simplifies compliance and aligns with international best practices, impacting businesses' financial planning and tax strategies.
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