Subject to the provisions of this Act, in computing a person’s income from business in any income year, the following expenses for each separate and distinct business shall be included under general deductions, namely:—

(a) expenditure on purchase of raw materials, stock in trade, purchase of goods for the purpose of business and for use in business, and any stock in trade written off;

(b) such customs duties, municipal taxes, local taxes, land development taxes or rents and government fees not paid under this Act and the Gift Tax Act, 1990 (Act No. 44 of 1990), but paid for business purposes;

(c) rent payable, development and maintenance expenses for land or grounds used for business purposes;

(d) all such expenses, welfare expenses or remuneration which are deemed to be income from employment under this Act;

(e) repair and maintenance expenses;

(f) insurance premiums incurred and paid for the purposes of business;

(g) cost of electricity and other services including fuel;

(h) goods transportation, clearing and forwarding charges;

(i) expenses in the nature of commissions, brokerage, discounts or warranty charges related to sales;

(j) advertising and promotional expenses;

(k) expenses of training of the employees;

(l) conference, hotel and accommodation expenses of sales representatives;

(m) transportation and travel expenses;

(n) internet service, postal and telecommunication related expenses;

(o) expenses related to obtaining legal services, audit services and other professional services;

(p) entertainment and hospitality related expenses;

(q) realized foreign currency exchange loss, subject to the Third Schedule;

(r) subscriptions to any club or commercial association, including entry fees or for the use of their facilities;

(s) any expenses incurred in connection with foreign travel as a member of a trade delegation sponsored by the Government;

(t) royalties, technical fees, head office expenses;

(u) ¹[amount, not exceeding 5% (five percent) of the disclosed net business profits, payable to Workers Participation Fund, Welfare Fund under clause (b) of sub-section (1) of section 234 of the Labour Act, 2006 and Labour Welfare Foundation Fund established under section 14 of the Bangladesh Workers Welfare Foundation Act, 2006 (Act XXV of 2006)];

(v) other expenses incurred wholly and exclusively for the purpose of business.