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of <h1>New Proviso in Income-tax Act Rule 2: Inadmissible Expenses Under Section 37 to Affect Life Insurance Business Profits from 2025.</h1> In the First Schedule of the Income-tax Act, a new proviso is added to rule 2, effective April 1, 2025. This proviso states that any expenditure deemed inadmissible under section 37 for computing business profits and gains must be included in the profits and gains of a life insurance business.
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