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TMI BlogTHE EIGHTH SCHEDULE - COMPUTATION OF PROFITS OF THE INSURANCE BUSINESSX X X X Extracts X X X X X X X X Extracts X X X X ..... 1938. 2. The profits referred to in rule 1 shall be,- (a) increased by the aggregate of the amounts referred to in sub-section (2) of section 31 to the extent such amounts are not included in the profits referred to in that rule; and (b) decreased by the amount of negative profit computed under this Schedule in respect of the business of life insurance, for any financial year immediately preceedi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... usiness of any insurance, other than life insurance, for any financial year immediately preceeding the relevant financial year. 5. The profits of the branches in India of a person not resident in India and carrying on any business of insurance, may, in the absence of more reliable data, be deemed to be that proportion of the world income of such person which corresponds to the proportion which his ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f depreciation under section 36, initial depreciation under section 37 and terminal allowance under section 38. 9. The amount of common costs (including depreciation) attributable to the business of insurance shall be determined in the prescribed manner. 10. The successor in a business reorganisation of the business of insurance shall be allowed a deduction in respect of the negative profit determ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f insurance and any other business. (d) "rule" means a rule contained in this Schedule; and (e) world income in relation to the business of insurance of a person not resident in India shall be computed in the manner laid down in this Act for the computation of the profits of the business of insurance carried on in India. - - statute, statutory provisions legislation, law, enactment, Acts, Rules, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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