5. Computation of Income

For the purpose of computing the income of a person liable to pay tax in accordance with provisions of sub-section (3) and (4) of Section 3 the following deductions shall be made from the gross income namely :

(i) Salary or wage of other persons engaged by him in the profession or calling;

(ii) Rent in respect of the building to house the business as well as rent on account of machinery, furniture and other similar goods taken on lease or hire;

(iii) all kinds of taxes;

(iv) repairs and renewals of immovable property let out on rent subject to a maximum of 6.25 per cent of the annual rental value;

(v) interest on borrowed capital;

(vi) repairs of the building and rents of the premises where the business is carried on;

(vii) electric charges in respect of business premises where the business is carried on;

(viii) such other deductions as may be prescribed.