Understanding Section 31 of the Income Tax Act
The Income Tax Act of 1961 is fundamental to India’s taxation system, detailing various provisions and deductions for businesses and professionals. Section 31 of this Act is particularly significant as it addresses the tax treatment of expenses related to the maintenance and insurance of machinery, plant, and furniture used in the course of business or profession. In this detailed analysis, we will explore the nuances of Section 31, examine its specific clauses, and clarify the deductions permitted under this provision.