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
1
section 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.
Notes:
1. Subs. by Act 4 of 1988, s. 126, for “section 28 to 43A” (w.e.f 1-4-1989).