Non admissible business expenses: added back to life insurance profits, tightening deductions from assessment year 2025-26. Amendment to Rule 2 of the First Schedule mandates that any expenditure not admissible under section 37 shall be included (added back) to the profits and ... Summary
Non admissible business expenses: added back to life insurance profits, tightening deductions from assessment year 2025-26.
Amendment to Rule 2 of the First Schedule mandates that any expenditure not admissible under section 37 shall be included (added back) to the profits and gains of life insurance business, supplementing the actuarial surplus based computation and preventing misuse of deductions. The change takes effect from 1 April 2025 and applies from assessment year 2025 26.
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