Clause 55 - Insurance business. - Income Tax Bill, 2025

Insurance business. 55 . Irrespective of anything to the contrary contained in the provisions of this Act for computing income under the head Income from house property , Capital gains or Income from other sources , or in section 390(5) and (6), or in sections 26 to 54, 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 as per the provisions of Schedule XIV.