Inclusion of disallowed business expenditure in life insurance profits changes computation of insurer taxable surplus. The amendment inserts a proviso into rule 2 of the First Schedule requiring that any expenditure not admissible for computing business profits be included in computing the profits and gains of life insurance business, thereby modifying the actuarial surplus-based computation for life insurers.
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Provisions expressly mentioned in the judgment/order text.
Inclusion of disallowed business expenditure in life insurance profits changes computation of insurer taxable surplus.
The amendment inserts a proviso into rule 2 of the First Schedule requiring that any expenditure not admissible for computing business profits be included in computing the profits and gains of life insurance business, thereby modifying the actuarial surplus-based computation for life insurers.
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