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        F. Acts / Amendment Acts

        Section 87 - Amendment of First Schedule.

        Finance (No. 2) Act, 2024
        Chapter III
        DIRECT TAXES - Income-tax

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        Inclusion of non-deductible business expenditure: must be added to life insurance business profits from April 2025. A proviso to rule 2 of the First Schedule, effective 1 April 2025, provides that any expenditure not admissible under section 37 in computing the profits and gains of a business shall be included in the profits and gains of a life insurance business.
                        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.

                              Inclusion of non-deductible business expenditure: must be added to life insurance business profits from April 2025.

                              A proviso to rule 2 of the First Schedule, effective 1 April 2025, provides that any expenditure not admissible under section 37 in computing the profits and gains of a business shall be included in the profits and gains of a life insurance business.


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