Income Tax Act 2025: Section 55 for Tax Year 2025-26

Insurance business profits are computed as per Schedule XIV, overriding other tax provisions for house property, capital gains, or other income.

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Insurance business

[As per the Income Tax Act, 2025 (this Act) w.e.f. 1st April, 2026.]

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.

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