Need A Financial Product Forums Tax Savings Deduction Claim for amount incurred for renovation and repair of the business premises

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    If an Individual claims for amount he /she incurred for renovation and repair of the business premises, is it allowed to be claimed by Department of Income tax?

    #47375

    The provision under Income tax law of 1961 states that under section 30(a)(ii) of the income tax ,1961states that for the certain amount to be allowed as deduction , it has to be incurred for the purpose carrying out the renovation and repairs of business premises. If the deduction is sought out from the income tax department by an individual comes under the definition of current repairs then that individual is entitled to receive the claim deduction otherwise the department of income tax has the right to disallow the claim for the same.

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