(b) " expenses of management" means all charges, wherever incurred whether directly or indirectly, including commission payments of all kinds and, in the case of an insurer having his principal place of business outside India, a proper share of head office expenses, which shall not be less than such percentage as may be prescribed, of his gross premium income (that is to say, the premium income without taking into account premiums on re- insurance ceded or accepted) written direct in India during the year, 2[ but in computing the expenses of management in India the following, and only the following, expenses may be excluded, namely:--
(i) in the case of an insurer having his principal place of business in India, a share of head office expenses in
respect of general insurance business transacted by him outside India not exceeding such percentage of his gross direct premium written outside India as may be prescribed,
(ii) in the case of an insurer having his principal place of business outside India, a share of the expenses of his office in India in respect of general insurance business transacted by him outside India through his office in India, not exceeding such percentage of his gross direct premium written outside India through his office in India, as may be prescribed,
(iii) any expenses debited to profit and loss account relating exclusively to the management of capital, and dealings with shareholders and a proper share of managerial expenses calculated in such manner as may be prescribed, and
(iv) any expenses debited to claims in the revenue account in Form F of Part II of the Third Schedule];