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of <h1>New Profit Calculation Rules for Insurance Under Direct Taxes Code Bill, 2009: Key Adjustments and Deductions Explained</h1> The Eighth computation of profits for insurance businesses under the Direct Taxes Code Bill, 2009. For life insurance, profits are determined based on the Shareholders' Account per the Insurance Act, 1938, adjusted by specific amounts and negative profits from prior years. Non-life insurance profits are based on annual accounts and adjusted similarly. Profits for foreign insurance branches in India are proportionate to their Indian premium income. Profits are deemed 'nil' if negative, and calculations assume all applicable deductions and losses are accounted for. The schedule also addresses asset depreciation, common costs, and deductions for business reorganizations.
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