https://www.taxtmi.com/acts?id=11984 Profits of life insurance are the Shareholders' Account (Non Technical Account) and profits of other insurance are the disclosed annual accounts under the Insurance Act, 1938, each adjusted by specified additions for amounts not included and reductions for allowable deductions, finance charges and prescribed reserves. Aggregate insurance profits are combined and netted with unabsorbed preceding year insurance losses; a negative net is treated as nil with the shortfall as unabsorbed current loss. Computations are presumed to reflect enumerated allowances and depreciation; common cost allocation and successor relief on unabsorbed current losses follow prescribed rules. en-us Fri, 17 Sep 2010 12:39:01 +0530 Fri, 17 Sep 2010 15:00:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=11984 Profits of life insurance are the Shareholders' Account (Non Technical Account) and profits of other insurance are the disclosed annual accounts under the Insurance Act, 1938, each adjusted by specified additions for amounts not included and reductions for allowable deductions, finance charges and prescribed reserves. Aggregate insurance profits are combined and netted with unabsorbed preceding year insurance losses; a negative net is treated as nil with the shortfall as unabsorbed current loss. Computations are presumed to reflect enumerated allowances and depreciation; common cost allocation and successor relief on unabsorbed current losses follow prescribed rules. Act-Rules Bills Fri, 17 Sep 2010 12:39:01 +0530 https://www.taxtmi.com/acts?id=11984