TMI BlogTHE EIGHTH SCHEDULE - COMPUTATION OF PROFITS OF THE INSURANCE BUSINESSX X X X Extracts X X X X X X X X Extracts X X X X ..... nce Act, 1938. 2. The profits referred to in rule 1 shall be,- (a) increased by the aggregate of the amounts referred to in sub-section (2) of section 31 to the extent such amounts are not included in the profits referred to in that rule; and (b) decreased by the amount of negative profit computed under this Schedule in respect of the business of life insurance, for any financial ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... amount of negative profit computed under this Schedule in respect of the business of any insurance, other than life insurance, for any financial year immediately preceeding the relevant financial year. 5. The profits 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l be computed as if the assessee has claimed and has been actually allowed the deduction in respect of depreciation under section 36, initial depreciation under section 37 and terminal allowance under section 38. 9. The amount of common costs (including depreciation) attributable to the business of insurance shall be determined in the prescribed manner. 10. The successor in a business reorga ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (ii) the business of any insurance, not being life insurance. (c) "common costs" means cost or expenditure incurred in the course of carrying on the business of insurance and any other business. (d) "rule" means a rule contained in this Schedule; and (e) world income in relation to the business of insurance of a person not resident in India shall be computed in the mann ..... X X X X Extracts X X X X X X X X Extracts X X X X
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