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of <h1>Insurance Business Profits Calculated Exclusively Under Section 44, Unique Taxation Method for Insurance Entities Established</h1> Section 44 of the Income Tax Act, 1961 provides a specific method for computing profits and gains from insurance business, overriding standard income computation provisions for other income categories like interest, house property, capital gains, or other sources. The section mandates that insurance business profits, including those of mutual insurance companies or cooperative societies, must be calculated according to rules outlined in the First Schedule of the Act.
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