Section 44 - Insurance Business - Income Tax - Ready Reckoner - Income Tax

Section 44 : 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. In case of insurance business of non-resident , the taxable income shall be computed in the following manner: Global Income*Premium income in India/Total premium income of the company = Total income in India.