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of <h1>Life Insurance Business Tax: Section 115B Sets 12.5% Rate; Deposits Impact Tax and Social Security Fund Requirements.</h1> Tax on profits and gains from a life insurance business is governed by Section 115B, where the income tax rate is set at 12.5% of such profits and gains. Additionally, the assessee must deposit 33.33% of the computed income tax into a government-notified social security fund. If the assessee deposits at least 2.5% of the profits into the security fund, the income tax payable is reduced by 2.5% of those profits, and the deposit requirement is recalculated based on the reduced tax amount.
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