Insurance Business - (New) Section 55 / (Old) Section 44

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....¢ "Income from house property", • "Capital gains" or • "Income from other sources", or • in section 390(5) and (6), or • in sections 26 to 54, • the profits and gains of any business of insurance, including any such business carried on by a mutual insurance company or by a co-operative society, ....

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....before the commencement of tax year, so as to exclude from it any surplus or deficit from any earlier inter- valuation period. • (2) Any expense disallowed under section 34 is added back in computing the profits and gains of a life insurance business. • 3. Adjustment of tax paid by deduction at source -  • When an assessment of the life in....

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....nsurance Act, 1938 or the rules made thereunder or the Insurance Regulatory and Development Authority Act, 1999 or the regulations made subject to the following adjustments :- • (a) Add back inadmissible expenses under sections 28 to 54 • any expenditure or allowance including any amount debited to profit and loss account either by way of a ....

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....unt not deductible under sub-clause (i) or (ii) of section 35(b), which is added under sub-paragraph (1)(a), shall be allowed subsequently as a deduction in a tax year in accordance with the provisions of the said sub-clause, as the case may be. Profits and gains of non-resident person.-  • (1) The profits and gains of a person not-resident in India who is engaged in the ....