Inclusion of disallowed business expenditure in life insurance profits changes computation of insurer taxable surplus. The amendment inserts a proviso into rule 2 of the First Schedule requiring that any expenditure not admissible for computing business profits be included ... Summary
Inclusion of disallowed business expenditure in life insurance profits changes computation of insurer taxable surplus.
The amendment inserts a proviso into rule 2 of the First Schedule requiring that any expenditure not admissible for computing business profits be included in computing the profits and gains of life insurance business, thereby modifying the actuarial surplus-based computation for life insurers.
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