Insurance business

Section 55 — Insurance business

Old Act equivalent: Section 44 of IT Act 1961 Sub-part: D.—Profits and gains of business or profession

Statutory Text

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. Special provision in case of interest income of specified financial institutions.

Sub-sections

Single section - no sub-sections.

Provisos

None.

Explanations

None.

Tables

None.

Key Structure

• Applies to: Insurance companies including mutual insurance companies and co-operative societies.
• Scope: Profits of insurance business computed as per Schedule XIV.
• Key rule: Overrides general provisions of sections 26 to 54.

Cross-References

• Section 26 - Income under head Profits and gains of business or profession
• Section 390

Amendment Notes

None noted from the extracted pages.

Practical Notes