Computation of non-life insurance profits adjusted to reflect regulatory treatment of investment gains and losses under IRDA. The amendment makes taxable profit of non-life insurance business the profit before tax and appropriations as shown in the profit and loss account prepared under the Insurance Act or the Insurance Regulatory and Development Authority Act, subject to existing Schedule adjustments and a new regulatory-linked adjustment: deductions for write-offs or provisions for diminution or loss on realisation of investments and additions for amounts credited on appreciation or gains on realisation of investments in accordance with Insurance Regulatory and Development Authority regulations.
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Computation of non-life insurance profits adjusted to reflect regulatory treatment of investment gains and losses under IRDA.
The amendment makes taxable profit of non-life insurance business the profit before tax and appropriations as shown in the profit and loss account prepared under the Insurance Act or the Insurance Regulatory and Development Authority Act, subject to existing Schedule adjustments and a new regulatory-linked adjustment: deductions for write-offs or provisions for diminution or loss on realisation of investments and additions for amounts credited on appreciation or gains on realisation of investments in accordance with Insurance Regulatory and Development Authority regulations.
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