Home > Income Tax Act 2025 > Section-31Last Updated: Feb 20th 2025
Section-31 provides for deduction on expenditure incurred towards insurance premium relating to destruction of stock, provision for bad debts, written off, bonus, commission paid to employees, interest paid on borrowed capital. Learn to understand the section-31 as it is, it's help and useful links to follow.
Here onwards, "Act" refers to "Income Tax Act 2025"
Sl No. | Specified assessee | Amount of deduction |
---|---|---|
A | B | C |
1 |
|
|
2 |
| Not more than 5% of the total income of a tax year computed before making any deduction under this clause and Chapter VIII. |
Disclaimer: This article provides an overview and general guidance, not exhaustive for brevity. Please refer Income Tax Act, GST Act, Companies Act and other tax compliance acts, Rules, and Notifications for details.