§ 55
Chapter IV — Computation Of Total Income
Insurance business
Income-tax Act, 2025
For insurance businesses, income is calculated differently than other income types. This includes mutual insurance companies and co-operative societies. The computation of profits and gains from insurance businesses follows the provisions outlined in Schedule XIV.
- It overrides other sections of the Act, such as those related to house property, capital gains, and other sources of income.
📜 Official text of the section +
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.
Plain-language summary — not the official text. Refer to the bare Act and confirm with a professional for your specific case.