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of <h1>Amendment to Rule 5: Redefining Profits for Non-Life Insurance with New Investment Adjustment Clause Effective April 2011</h1> Clause 79 of the Finance (No. 2) Bill, 2009 seeks to amend rule 5 of the First Schedule of the Income-tax Act concerning the computation of profits and gains for non-life insurance businesses. Effective from April 1, 2011, the amendment redefines profits as the profit before tax and appropriations disclosed in the profit and loss account, in accordance with the Insurance Act, 1938, or the Insurance Regulatory and Development Authority Act, 1999. It introduces a new clause (b), allowing adjustments for diminution or loss on investments and for appreciation or gains on investments, as per regulations by the Insurance Regulatory and Development Authority.
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