Answer:

Deduction is allowed in respect of rent, rates, taxes, land revenue, repairs and insurance for premises used for the purpose of business or profession. Rent of building is not deductible if building is owned by the assessee. Capital expenditure on repair is not deductible.

Explanation:

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Verified answer

Answer:

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Explanation:

The following are the deductions allowed to computer income from business or profession:

* Depreciation on computers and computer software

* Rent paid for computer equipment

* Telephone expenses

* Internet expenses

* Office supplies

* Travel expenses

* Meals and entertainment expenses

* Professional fees

* Insurance premiums

* Legal and accounting fees

* Interest on loans taken for business purposes

* Losses from other businesses or professions

The following are the disallowed expenses:

* Personal expenses

* Capital expenditure

* Expenses that are not related to the business or profession

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