(1) The following expenses shall be admissible subject to the limits and conditions prescribed in the Third Schedule, namely:—

(a) general depreciation allowance;

(b) initial depreciation allowance;

(c) accelerated depreciation allowance;

(d) amortization allowance; and

(e) research and development expenses.

(2) If an asset mentioned in the Third Schedule is sold in any income year and the proceeds are less than the written down value, subject to the deduction claimed by the assessee, the equal amount of difference between the written down value and the sale proceeds shall be admissible as deduction.

(3) Any bad debt expenses approved under section 51 shall be deducted in computation of Income from Business.

(4) Any interest expenses allowed under sections 52 and 53 shall be deducted in computing income from business.