115B. [ Tax on profits and gains of life insurance business. [Inserted by Act 66 of 1976, Section 20 (w.e.f. 1.6.1976).]
- [(1)] [Inserted by Act 27 of 1999, Section 59 (w.e.f. 1.4.2000).][Where the total income of an assessee includes any profits and gains from life insurance business, the income-tax payable shall be the aggregate of-(i)the amount of income-tax calculated on the amount of profits and gains of the life insurance business included in the total income, at the rate of twelve and one-half per cent.; and(ii)the amount of income-tax with which the assessee would have been chargeable had the total income of the assessee been reduced by the amount of profits and gains of the life insurance business.](2)[ Notwithstanding anything contained in sub-section (1) or in any other law for the time being in force or any instrument having the force of law, the assessee shall, in addition to the payment of income-tax computed under sub-section (1), deposit, during ] [ Inserted by Act 26 of 1988, Section 31 (w.e.f. 1.4.1989).][the previous years relevant to the assessment years commencing on the 1st day of April, 1989] [ Substituted by Act 13 of 1989, Section 18, for " the previous year relevant to the assessment year commencing on the 1st day of April, 1989" (w.e.f. 1.4.1990).][and the 1st day of April, 1990, an amount equal to thirty-three and one-third per cent. of the amount of income-tax computed under clause (i) of sub-section (1), in such social security fund (hereafter in this sub-section referred to as the security fund), as the Central Government may, by notification in the Official Gazette, specify in this behalf:] [ Inserted by Act 26 of 1988, Section 31 (w.e.f. 1.4.1989).][Provided that where the assessee makes during the said ] [Inserted by Act 66 of 1976, Section 20 (w.e.f. 1.6.1976).][previous years] [ Substituted by Act 13 of 1989, Section 18, for " previous year" (w.e.f. 1.4.1990).][any deposit of an amount of not less than two and one-half per cent. of the profits and gains of the life insurance business in the security fund, the amount of income-tax payable by the assessee under the said clause (i) shall be reduced by an amount equal to two and one-half per cent. of such profits and gains and, accordingly, the deposit of thirty-three and one-third per cent. required to be made under this sub-section shall be calculated on the income-tax as so reduced.] [Inserted by Act 66 of 1976, Section 20 (w.e.f. 1.6.1976).]
