Section 115B of ITA, 1961 : Section 115B: Tax On Profits And Gains Of Life Insurance Business
ITA, 1961
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Explanation using Example
Let's say XYZ Life Insurance Co. has a total income of ₹10 crore in the financial year, which includes ₹4 crore as profits and gains from their life insurance business. To calculate the income-tax payable by XYZ Life Insurance Co., we would apply the following steps:
- First, calculate the income-tax on the profits and gains from the life insurance business, which is ₹4 crore, at the rate of 12.5%. This amounts to ₹50 lakh (12.5% of ₹4 crore).
- Next, calculate the income-tax on th...
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