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of <h1>Clause 55 of Income Tax Bill 2025: New Framework for Taxing Insurance Businesses Using Schedule XIV.</h1> Clause 55 of the Income Tax Bill, 2025, introduces a new framework for taxing insurance businesses in India, emphasizing the use of Schedule XIV for computing profits and gains. This approach distinguishes insurance taxation from other income categories and updates the methodology from the First Schedule used under Section 44 of the Income Tax Act, 1961. The clause aims to standardize tax computations, aligning them with the operational realities of the insurance sector, and overrides other sections to create a self-contained regime. This change requires insurance entities to adjust their accounting practices and may impact their tax liabilities and financial strategies.
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