Tax Management India. Com
                        Law and Practice: A Digital eBook ...

Category of Documents

TMI - Tax Management India. Com
Case Laws Acts Notifications Circulars Classification Forms Manuals SMS News Articles
Highlights
D. Forum
What's New

Share:      

        Home        
 

TMI Blog

Home List
← Previous Next →

THE EIGHTH SCHEDULE - COMPUTATION OF PROFITS OF THE INSURANCE BUSINESS

..... nsurance shall be the profit determined in the Shareholders Account (Non-Technical Account) in accordance with the Insurance 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 negat .....

X X X X X X X

Full Text of the Document

X X X X X X X

..... profits referred to in that rule; (b) decreased by the 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 mor .....

X X X X X X X

Full Text of the Document

X X X X X X X

..... business of insurance shall 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 .....

X X X X X X X

Full Text of the Document

X X X X X X X

..... 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 manner laid down in this Act for the computation of the profits of the b .....

X X X X X X X

Full Text of the Document

X X X X X X X

 

 

← Previous Next →

 

 

|| Home || About us || Feedback || Contact us || Disclaimer || Terms of Use || Privacy Policy || Database || Members || Refer Us ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.
|| Blog || Site Map - Recent || Site Map ||