(1) A deduction in respect of depreciation of—(a) buildings, machinery, plant or furniture, being tangible assets;(b) know-how, patents, copyrights, trademarks, licences, franchises or any other business or commercial rights of similar nature, beingintangible assets acquired, not being goodwill of a business or profession, owned wholly or partly by the assessee and used wholly and exclusively […]

(1) Any expenditure (not being an expenditure of the nature specified in sections 28 to 33 and not being in the nature of capital expenditure or personal expenses of the assessee), laid out or expended wholly and exclusively for the purposes of the business or profession shall be allowed in computing the income chargeable under

Irrespective of any other provision of ChapterIV-D, the following amounts shall not be allowed as deduction in computing the income chargeable under the head “Profits and gains of business or profession”:—(a) any amount on account of––(i) tax paid on income; or(ii) tax paid by employer referred to in Schedule III (Table: Sl. No. 10); or(iii)

(1) The provisions of this section shall have effect irrespective of anything to the contrary contained in any other provision of this Act relating to computation of income under the head “Profits and gains of business or profession”.(2) If the assessee incurs any expenditure for which payment has been or is to be made to

(1) The following sums payable, as specified in sub-section (2), shall be allowed as deduction while computing the income chargeable under section 26 only in the tax year in which such sums are actually paid irrespective of––(a) any provision to the contrary in this Act; or(b) method of accounting regularly followed; or(c) the tax year

(1) The following sums shall be deemed to be profit and gains of business or profession and shall be chargeable to income-tax, in the manner specified below, subject to the provisions of sub-section (2):––(a) where an allowance or deduction has been allowed in respect of any loss, expenditure or trading liability incurred by the assessee

(1) For the purposes of computation of income under the head “Profits and gains of business or profession”, cost of acquisition of an asset acquired by––(a) an amalgamated company under a scheme of amalgamation; or(b) an assessee, under a gift, or will, or an irrevocable trust, or on total or partial partition of a Hindu

(1) For the purposes of different provisions for computation of income under the head “Profits and gains of business or profession”, written down value for the tax year shall be as mentioned in column C of the Table below: Sl. No. Circumstances Written down value A B C 1 In case the asset is acquired

(1) Irrespective of anything contained in any other provision of this Act, where at the time of making payment during the tax year, there is a variation in liability of an assessee as expressed in Indian currency due to change in rate of exchange in relation to an asset acquired for the purpose of business