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of <h1>Finance Bill 2024: Clause 87 Amends Income-Tax Act, Impacts Life Insurance Profit Calculations from April 2025</h1> Clause 87 of the Finance (No. 2) Bill, 2024 amends the First Schedule of the Income-tax Act concerning life insurance business. Effective April 1, 2025, it introduces a proviso to Rule 2, mandating that any expenditure not admissible under section 37 for computing business profits and gains must be added back to the profits and gains of life insurance businesses. This adjustment affects the annual average surplus calculated from actuarial valuations as per the Insurance Act, 1938, and applies from the assessment year 2025-2026 onward.
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