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Income Tax: Section 44 of the Income Tax Act provides for computing profits and gains of life insurance business based on the First Schedule. Rule 2 of the First Schedule states that profits shall be the annual average surplus from actuarial valuation, excluding surplus from earlier periods. To prevent misuse and ensure disallowance of inadmissible expenses u/s 37, it is proposed to amend Rule 2 to add back such expenses to the profits of life insurance business. The amendment is effective from April 1, 2025, applying from assessment year 2025-2026 onwards.
Income Tax: Section 44 of the Income Tax Act provides for computing profits and gains of life insurance business based on the First Schedule. Rule 2 of the First Schedule states that profits shall be the annual average surplus from actuarial valuation, excluding surplus from earlier periods. To prevent misuse and ensure disallowance of inadmissible expenses u/s 37, it is proposed to amend Rule 2 to add back such expenses to the profits of life insurance business. The amendment is effective from April 1, 2025, applying from assessment year 2025-2026 onwards.
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TaxTMI 
TaxTMI 
