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of <h1>Life Insurance Profits Computed Separately Under Insurance Act 1938 Section 37 Rules for Tax and Reserves</h1> Profits and gains from life insurance business must be computed separately from other businesses, based on the annual average surplus from actuarial valuations as per the Insurance Act, 1938, excluding inadmissible expenditures under section 37. Tax credits for life insurance profits assessed over periods exceeding twelve months are adjusted to reflect tax paid by deduction at source. For other insurance businesses, profits before tax as disclosed in accounts prepared under relevant insurance laws are adjusted by adding back non-admissible expenditures and provisions, while allowing deductions for prescribed reserves. Non-resident insurers' Indian branch profits may be deemed proportional to their Indian premium income relative to global premium income. Definitions and references align with the Insurance Act, 1938, and related legislation, with special provisions for the Life Insurance Corporation of India.
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