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of <h1>Schedule XIV defines separate tax bases for life and non-life insurance, with rules for averaging, add-backs, and credits</h1> Schedule XIV prescribes distinct tax bases for life and non-life insurance: life-insurance taxable income is the annual average of actuarial surplus for the last inter-valuation period (with specified adjustments and separate computation), while non-life taxable profit is profit before tax and appropriations per statutory accounts subject to enumerated add-backs and permitted reserve deductions. Special rules govern inter-valuation periods exceeding 12 months for tax credits and TDS averaging. Key drafting differences between the Bill and the Act affect a cross-reference to credit denial, a limiting qualification on add-backs, and the standard for non-resident allocation ('reliable' vs 'more reliable'), creating operational uncertainties until clarified.
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