https://www.taxtmi.com/caselaws?id=467295 General insurance tax computation under section 44 and Rule 5 of the First Schedule addresses the deductibility of actuarially valued IBNR and IBNER claim provisions, foreign reinsurance premiums, and adjustments previously disallowed or subsequently reversed. Foreign reinsurance payments are considered outside section 40(a)(i) where they are not chargeable to tax in India. Long-term gains on listed investments may qualify for section 10(38) exemption and capital-gains treatment. A timely revised return may correct omissions or wrong statements and replace the original return. The special insurance computation framework should be applied purposively to prevent double disallowance, while permitting verification of carry-forward-linked claims. en-us Wed, 30 Oct 2024 00:00:00 +0530 Thu, 12 Mar 2026 15:42:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=467295 General insurance tax computation under section 44 and Rule 5 of the First Schedule addresses the deductibility of actuarially valued IBNR and IBNER claim provisions, foreign reinsurance premiums, and adjustments previously disallowed or subsequently reversed. Foreign reinsurance payments are considered outside section 40(a)(i) where they are not chargeable to tax in India. Long-term gains on listed investments may qualify for section 10(38) exemption and capital-gains treatment. A timely revised return may correct omissions or wrong statements and replace the original return. The special insurance computation framework should be applied purposively to prevent double disallowance, while permitting verification of carry-forward-linked claims. Case-Laws Income Tax Wed, 30 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=467295