Section First Schedule → Section Schedule I
Insurance Business
Quick Answer
Section First Schedule of the Income Tax Act, 1961 (Insurance Business) corresponds to Section Schedule I of the Direct Tax Code 2025 (Income-tax Act, 2025), effective 1st April 2026. Status: Retained.
Sec First Schedule
Provision Summary
Rules for computing the profits and gains of Life Insurance and General Insurance business.
Sec Schedule I
Provision Summary
Retained. Aligned with newer IRDAI accounting standards.
Key Changes & Highlights
- Specific adjustments for surplus/deficit as per actuarial valuations.
Related Sections
Frequently Asked Questions
What does Section First Schedule of the Income Tax Act 1961 deal with?
Section First Schedule (Insurance Business) Rules for computing the profits and gains of Life Insurance and General Insurance business.
What is the new section number for Section First Schedule under the Direct Tax Code 2025?
Section First Schedule of the ITA 1961 maps to Section Schedule I of the Direct Tax Code 2025 (Income-tax Act, 2025), effective from 1st April 2026.
What is the status of Section First Schedule under the new tax code?
Section First Schedule is marked as "Retained" with status "Active". Impact: Medium - Only for insurance companies.
What are the key changes to Section First Schedule under DTC 2025?
Specific adjustments for surplus/deficit as per actuarial valuations.
Disclaimer: This page is for educational and reference purposes only. Section mappings are based on publicly available drafts and circulars. Always consult a qualified Chartered Accountant before filing or making compliance decisions under the Direct Tax Code 2025.
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