(1) Subject to this Act, in computing the taxable income of a person under the head income from agriculture in any given income year, the amount expended by the assessee in that year, other than capital expenditure or personal expenditure, wholly and exclusively for the purpose of agriculture shall be allowable as a deduction, and the following deductions shall be treated as general deductions, namely:—

(a) any tax, land development tax or rent paid in respect of the land or grounds used for agricultural purposes;

(b) rent payable for land or grounds used for agricultural purposes, development and maintenance expenses, and cultivation expenses;

(c) interest or profit payable on loans taken for agricultural purposes;

(d) expenses related to repair and maintenance of machinery and equipment used in agriculture and expenses relating to rearing of cattle, processing or transportation for the purpose of cultivation;

(e) insurance premiums payable for compensation of land or grounds or for the purpose of compensation of crops or produce produced from the land or grounds or for the purpose of security in the rearing of cattle;

(f) expenses incurred for protection of agriculture from natural calamities or any other type of damage;

(g) the following expenses subject to the limits prescribed in the Third Schedule—

(i) depreciation of the assets used by the assessee for his agriculture;

(ii) amortization of intangible assets used in his agricultural related activities;

(h) in cases where the animal used in the assessee’s agricultural work has died or become permanently disabled, the difference between the actual purchase price of the animal and, as the case may be, the proceeds from the sale of the animal or of its meat;

(i) any expenditure incurred in connection with a foreign tour as a member of any delegation on agriculture sponsored by the Government, which is not capital in nature;

(j) any expenditure incurred on providing training to citizens of Bangladesh on matters related to any such scheme as approved by the Board;

(k) expenditure incurred in conducting scientific research related to agriculture or expenditure incurred in conducting such scientific research whereby the research is conducted in Bangladesh wholly and exclusively for the purpose of agricultural development of the assesse.

(2) Only the portion of any expenditure which relates to income from agriculture under this section shall be deemed to be allowable expenditure.