TMI BlogCOMPUTATION OF PROFITS OF THE INSURANCE BUSINESSX X X X Extracts X X X X X X X X Extracts X X X X ..... 8. 2. The profits referred to in paragraph 1 shall be— (a) increased by the aggregate of the amounts referred to in sub-section (2) of section 33 to the extent such amounts are not included in the profits referred to in that paragraph and the amounts referred to in sub-section (4) of section 35 and sub-section (2) of section 36 to the extent such amounts have been claimed as deductions ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the amounts referred to in sub-section (4) of section 35 and subsection (2) of section 36 to the extent such amounts have been claimed as a deduction in computing the profits referred to in that paragraph; (b) decreased by— (i) the amount allowable as deductions under clause (xxx) of subsection (2) of section 35 to the extent such amount has been included under sub-clause (i) of cla ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... usiness of insurance. 7. The profit from the business of insurance shall be aggregated with unabsorbed preceding year loss from the business of insurance, if any, and the net result of such aggregation shall be the current profit from the business of insurance for the financial year. 8. The current profit from the business of insurance shall be treated as nil, if the net result of aggregat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d the deduction in respect of depreciation under section 38, initial depreciation under section 39 and terminal allowance under section 40. 11. The amount of common costs (including depreciation) attributable to the business of insurance shall be determined in such manner as may be prescribed. 12. The successor in a business reorganisation of the business of insurance shall be allowed a de ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eing life insurance; (c) "common costs" means cost or expenditure incurred in the course of carrying on the business of insurance and any other business; and (d) 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 Code for the computation of the profits of the business of insurance carried on in Ind ..... X X X X Extracts X X X X X X X X Extracts X X X X
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