Section 44 - Insurance business - Income-tax Act, 1961

Insurance business. 44. 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 1 [ 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. ------------------------------ Notes :- 1. Substituted for 43A by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989. Earlier, 43A was substituted for 43 by the Finance (No. 2) Act, 1967, w.e.f. 1-4-1967.