TMI BlogINSURANCE BUSINESSX X X X Extracts X X X X X X X X Extracts X X X X ..... ed by the actuarial valuation made in accordance with the Insurance Act, 1938 (4 of 1938), in respect of the last inter-valuation period ending before the commencement of the assessment year, so as to exclude from it any surplus or deficit included therein which was made in any earlier inter-valuation period.] Deductions. 3. 2 [***] Adjustment of tax paid by deduction at source. 4. Where for any year an assessment of the profits of life insurance business is made in accordance with the annual average of a surplus disclosed by a valuation for an inter-valuation period exceeding twelve months, then, in computing the income-tax payable for that year, credit shall not be given in accordance with section 199 for the income ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unt carried over to a reserve for unexpired risks as may be prescribed in this behalf shall be allowed as a deduction. 10 [Provided that any sum payable by the assessee under section 43B, which is added back in accordance with clause (a) of this rule, shall be allowed as deduction in computing the income under the said rule in the previous year in which such sum is actually paid. ] C. Other provisions Profits and gains of non-resident person. 6. (1) The profits and gains of the branches in India of a person not resident in India and carrying on any business of insurance, may, in the absence of more reliable data, be deemed to be that proportion of the world income of such person which corresponds to the proportion which ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ubstituted for 43 by the Finance (No.2) Act, 1967, w.e.f. 1-4-1967. 5. Inserted vide Finance (No.2) Act, 2009, w.e.f. 1-4-2011 [earlier cluase (b) was Omitted by the Finance Act, 1988, w.e.f. 1-4-1989.] 6. Omitted by the Finance Act, 1976, w.e.f. 1-4-1977. Earlier, clause (i) was amended by the Finance (No.2) Act, 1967, w.e.f. 1-4-1967. 7. Omitted by the Finance Act, 1976, w.e.f 1-4-1977. 8. Substituted vide Finance (No.2) Act, 2009, w.e.f. 1-4-2011, before it was read as, balance of the profits disclosed by the annual accounts, copies of which are required under the Insurance Act, 1938 (4 of 1938), to be furnished to the Controller of Insurance, 9. Rule 5, for clause (b) [as inserted by clause (ii) of section ..... X X X X Extracts X X X X X X X X Extracts X X X X
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