TaxTMI 
TaxTMI 
INSURANCE BUSINESS
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....ther 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 of tax year, so as to exclude from it any....
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....nce 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 Insurance Regulatory and Development Authority Act, 1999 (4 of....
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....n 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 proportion of his global income which corresponds to the proportion the premium income derived from India....