THE EIGHTH SCHEDULE - COMPUTATION OF PROFITS OF THE INSURANCE BUSINESS

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....he Insurance Act, 1938. 2. The profits referred to in rule 1 shall be,-      (a) increased by the aggregate of the amounts referred to in sub-section (2) of section 31 to the extent such amounts are not included in the profits referred to in that rule; and      (b) decreased by the amount of negative profit computed under this Schedule in respect of....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....(2) of section 34 to the extent such amounts have been claimed as adeduction in computing the profits referred to in that rule;      (b) decreased by the amount of negative profit computed under this Schedule in respect of the business of any insurance, other than life insurance, for any financial year immediately preceeding the relevant financial year. 5. The profits of ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ll effect to any deduction allowable under sub-chapter-I of Chapter III in relation to the profits of the business of insurance. 8. The written down value of any business asset used in the business of insurance shall be computed as if the assessee has claimed and has been actually allowed the deduction in respect of depreciation under section 36, initial depreciation under section 37 and termin....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... of this Schedule-      (a) "business of life insurance" means life insurance business as defined in clause (11) of section 2 of the Insurance Act, 1938;      (b) "business of insurance" means,-          (i) the business of life insurance; and          (ii) the busine....