India - Income Tax Act 2010 - Saarc

S. 30 I.T. ACT, 1961 1.164in connection with business of any industrial or commercialnature such as accounting, banking, communication, conveyingof news or information, advertising, entertainment, amusement,education, financing, insurance, chit funds, real estate, construction,transport, storage, processing, supply of electrical or otherenergy, boarding and lodging;]67[(vi) any sum received under a Keyman insurance policy including thesum allocated by way of bonus on such policy.Explanation.—For the purposes of this clause, the expression “Keymaninsurance policy” shall have the meaning assigned to it in clause (10D)of section 10;]68[(vii) any sum, whether received or receivable, in cash or kind, on accountof any capital asset (other than land or goodwill or financial instrument)being demolished, destroyed, discarded or transferred, if the whole ofthe expenditure on such capital asset has been allowed as a deductionunder section 35AD.]Explanation 1.—[Omitted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f.1-4-1989.]Explanation 2.—Where speculative transactions carried on by an assessee are ofsuch a nature as to constitute a business, the business (hereinafter referred to as“speculation business”) shall be deemed to be distinct and separate from anyother business.Income from profits and gains of business or profession, how computed.29. 69 The income referred to in section 28 shall be computed in accordancewith the provisions contained in sections 30 to 70 [43D].Rent, rates, taxes, repairs and insurance for buildings.6930. In respect of rent, rates, taxes, repairs and insurance for premises, used forthe purposes of the business or profession, the following deductions shallbe allowed—(a) where the premises are occupied by the assessee—(i) as a tenant, the rent paid for such premises ; and further if he hasundertaken to bear the cost of repairs to the premises, the amountpaid on account of such repairs ;(ii) otherwise than as a tenant, the amount paid by him on accountof current repairs 71 to the premises ;67. Inserted by the Finance (No. 2) Act, 1996, w.e.f. 1-10-1996.68. Inserted by the Finance (No. 2) Act, 2009, w.e.f. 1-4-2010.69. For relevant case laws, see Taxmann’s Master Guide to Income-tax Act.70. Substituted for “43C” by the Finance (No. 2) Act, 1991, w.e.f. 1-4-1992. Earlier “43C” wassubstituted for “43B” by the Finance Act, 1988, w.e.f. 1-4-1988, “43B” was substituted for“43A” by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989 and “43A” wassubstituted for “43” by the Finance (No. 2) Act, 1967, w.e.f. 1-4-1967.71. For the meaning of the expression “current repairs”, see Taxmann’s Direct Taxes Manual,Vol. 3.