Amendment of First Schedule.

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Full Text of the Document

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....mputing the profits and 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 b....