AUBSP»Income Tax»Taxpayers»Section 44 of Income-tax Act 1961-2017 – Insurance business

Section 44 of Income-tax Act 1961-2017 – Insurance business

Detail analysis of the provisions of Section 44 (Insurance business) of Income-tax Act 1961 as amended by latest Finance Act 2017.

Chapter IV (Sections 14-59) of Income Tax Act, 1961 deals with provisions related to computation of total income. Section 44 of Income Tax Act 1961-2017 provides for Insurance business.

Notwithstanding anything to the contrary contained in the provisions of this Act relating to the computation of income chargeable under the head “Interest on securities”, “Income from house property”, “Capital gains” or “Income from other sources”, or in section 199 or in sections 28 to 43B, the profits and gains of any business of insurance, including any such business carried on by a mutual insurance company or by a co-operative society, shall be computed in accordance with the rules contained in the First Schedule.

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