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 ... Summary
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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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