बीमा कारोबार
Insurance business.
58 44. 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 59[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.
58. See also Letter [F. No. 14/3/7-IT(A-I)], dated 7-8-1967, Circular No. 38, dated 3-10-1956 and Circular No. 22 [R. Disc. 51 (14)-IT-47], dated 23-9-1947. For details, see Taxmann’s Master Guide to Income-tax Act.
59. Substituted for "43A" by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989. Earlier, "43A" was substituted for "43" by the Finance (No. 2) Act, 1967, w.e.f. 1-4-1967.