(1)The following amounts shall be allowed as deduction in respect of premises, machinery, plant or furniture used for the purposes of the business or profession:––(a)any premium paid in respect of insurance against risk of damage or destruction thereof;(b)land revenue, local rates or municipal taxes paid;(c)rent paid, when the premises are occupied by the assessee as a tenant;(d)amount paid on account of current repairs to the premises, not being in the nature of capital expenditure, when the premises are occupied by the assessee otherwise than as a tenant;(e)amount paid on account of cost of repairs, not being in the nature of capital expenditure, when the premises are occupied by the assessee as a tenant and where he has undertaken to bear the cost of repairs to the premises; and(f)the amount paid on account of current repairs to machinery, plant or furniture, not being in the nature of capital expenditure.
