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.
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1. Subs. by Act 4 of 1988, s. 126, for "section 28 to 43A" (w.e.f 1-4-1989).
Section 44AA Maintenance of accounts by certain persons carrying on profession or business
Section 44AB Audit of accounts of certain persons carrying on business or profession
Section 44AD Special provision for computing profits and gains of business on presumptive basis
Section 44ADA Special provision for computing profits and gains of profession on presumptive basis
Section 44AF Special provisions for computing profits and gains of retail business
Section 44C Deduction of head office expenditure in the case of non-residents