Section 36 of ITA, 1961 : Section 36: Other Deductions
ITA, 1961
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Explanation using Example
Imagine that you own a business and you have taken several steps to protect your assets and employees. Here's how Section 36 of the Income-tax Act, 1961 might apply to your business:
- You pay an annual premium for insurance to cover the risk of damage to your inventory. This insurance is critical for your business continuity in case of unforeseen events like fires or natural disasters. The premium you paid for this insurance can be deducted from your business income when calculating your taxes.
- Your business operates in the dairy industry, and you're part of a federal milk co-operative society. The society takes out an insurance policy on the life of the cattle owned by its members. As a member, the premium paid by the society for insuring your cattle can be claimed as a deduction.
- To ensure the well-being of your employees, you opt for a grou...
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