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of <h1>Income Tax Bill 2025 Modernizes Deductions for Business Expenses & Asset Depreciation with Clauses 28 & 33</h1> The Income Tax Bill, 2025, introduces Clauses 28 and 33 to modernize tax deductions related to business expenses and asset depreciation. Clause 28 focuses on deductions for rent, repairs, insurance, and taxes for business premises, with provisions for apportioning deductions when assets are not exclusively used for business. Clause 33 provides a structured approach to asset depreciation, excluding goodwill, and encourages investment in new assets. These clauses aim to offer clearer guidelines compared to Section 38 of the Income-tax Act, 1961, which also addresses apportionment but lacks the detailed framework provided in the new bill.
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