INSURANCE BUSINESS

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....rately from profits and gains of any other business. 2. Computation of profits of life insurance business.-(1) The profits and gains from life insurance business shall be the annual average of the surplus after adjusting the surplus or deficit disclosed by the actuarial valuation made as per the Insurance Act, 1938 (4 of 1938) for the last inter-valuation period ending before the commencement o....

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....curities or otherwise during such period. B.-Other insurance business 4. Computation of profits and gains of other insurance business.-(1)The profits and gains of any insurance business other than life insurance shall be the profit before tax and appropriations as disclosed in the profit and loss account prepared as per the Insurance Act, 1938 (4 of 1938) or the rules made thereunder or the ....

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....e amount payable under section 37, added under paragraph (1)(a) shall be allowed as deduction in the tax year in which it is actually paid. C.-Other provisions 5. Profits and gains of non-resident person.-(1) The profits and gains of anon-resident person who is engaged in the insurance business through its branches in India may, in the absence of reliable data, be deemed to be that proportio....