Preventing misuse of deductions of expenses claimed by life insurance business (WIDENING AND DEEPENING OF TAX BASE AND ANTI-AVOIDANCE)

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Full Text of the Document

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.... including any such business carried on by a mutual insurance company or by a co-operative society, to be in accordance with First Schedule of the Act, notwithstanding other specific provisions of the Act. 2. Rule 2 of the First Schedule, applicable for Life insurance business, states that the profits and gains of life insurance business shall be taken to be the annual average of the surplus arri....