Clause 87 - Amendment of First Schedule. - Finance (No. 2) Bill, 2024

Amendment of First Schedule. 87. In the First Schedule to the Income-tax Act, in rule 2, the following proviso shall be inserted with effect from the 1st day of April, 2025, namely: Provided that any expenditure which is not admissible under section 37 in computing the profits and gains of a business, shall be included to the profits and gains of life insurance business. .