Section 80 - Amendment of First Schedule - Finance (No. 2) Act, 2009

Amendment of First Schedule. 80. In the First Schedule to the Income-tax Act, in rule 5,— (i) for the portion beginning with the words "balance of the profits", and ending with the words "Controller of Insurance,", the following shall be substituted with effect from the 1st day of April, 2011, namely:— "profit before tax and appropriations as disclosed in the profit and loss account prepared in accordance with the provisions of the Insurance Act, 1938 (4 of 1938) or rules made thereunder or the provision of the Insurance Regulatory and Development Authority Act, 1999 (4 of 1999) or regulations made thereunder,";. (ii) after clause (a), the following clause shall be inserted with effect from the 1st day of April, 2011, namely:— "(b) (i) deduction in respect of any amount either written off or provided in the accounts to meet diminution in or loss on realisation of investments in accordance with the regulations made by the Insurance Regulatory and Development Authority; (ii) increase in respect of any amount taken credit for in the accounts on account of appreciation of or gains on realisation of investments in accordance with the regulations made by the Insurance Regulatory and Development Authority;".