Chapter XII-DA - SPECIAL PROVISIONS RELATING TO TAX ON DISTRIBUTED INCOME OF DOMESTIC COMPANY FOR BUY-BACK OF SHARES (From Section 115QA to Section 115QC)
Part C - Procedure for filing of return in respect of fringe benefits, assessment and payment of tax in respect thereof (From Section 115WD to Section 115WM)
Chapter XX-B - REQUIREMENT AS TO MODE OF ACCEPTANCE, PAYMENT OR REPAYMENT IN CERTAIN CASES TO COUNTERACT EVASION OF TAX (From Section 269SS to Section 269TT)
Insurance business profit computation requires use of the First Schedule, overriding other income heads and related provisions. Profits and gains of any insurance business must be computed in accordance with the rules in the First Schedule, notwithstanding otherwise applicable provisions relating to various income heads and certain sections; this rule expressly covers businesses carried on by mutual insurance companies and co-operative societies.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Insurance business profit computation requires use of the First Schedule, overriding other income heads and related provisions.
Profits and gains of any insurance business must be computed in accordance with the rules in the First Schedule, notwithstanding otherwise applicable provisions relating to various income heads and certain sections; this rule expressly covers businesses carried on by mutual insurance companies and co-operative societies.
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