INSURANCE BUSINESS

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....om profits and gains of any other business. 2. Computation of profits of life insurance business.- (1) The profits and gains 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, s....

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....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 Insuranc....

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....erve for unexpired risks as may be prescribed shall be allowed as a deduction. (2) The amount payable under section 37, which is added under sub-paragraph (1)(a) shall be allowed as deduction in the tax year in which it is actually paid. ^2[(3) The amount not deductible under sub-clause (i) or (ii) of section 35(b), which is added under sub-paragraph (1)(a), shall be allowed subsequently as ....

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....of this schedule,- (a) "investments" include securities, stocks and shares; (b) "life insurance business" means life insurance business as defined in section 2(11) of the Insurance Act, 1938 (4 of 1938). (2) References to the Insurance Act, 1938 (4 of 1938) in this Schedule regarding the Life Insurance Corporation of India shall be treated as references to that Act or section ....