Income Tax Law
Income-tax Act, 2025 · Part D — Profits and gains of business or profession
Section 55Insurance business
Income-tax Act, 2025 (30 of 2025)
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.
This section refers to
§ Schedule XIV INSURANCE BUSINESS
§ 390 Collection and recovery of tax
§ 26 Income under head “Profits and gains of business or profession”
Referenced by
§ 208 Tax on income from units purchased in foreign currency or capital gains arising from their transfer.
§ 209 Tax on income from bonds or Global Depository Receipts purchased in foreign currency or capital gains arising from their transfer.
§ 210 Tax on income of Foreign Institutional Investors from securities or capital gains arising from their transfer.
§ 27 Manner of computing profits and gains of business or profession
§ Schedule XIV INSURANCE BUSINESS