Amendment of First Schedule.

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Full Text of the Document

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....d gains of a business, shall be included to the profits and gains of life insurance business.". - Clause 87 of the Bill seeks to amend the First Schedule to the Income-tax Act relating to insurance business. Rule 2 of the said Schedule, states that the profits and gains of life insurance business shall be taken to be the annual average of the surplus arrived at by adjusting the surplus or defi....