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of <h1>Non-resident mineral oil service receipts taxed at deemed 10% profits (Rule 10); option for audited lower actual profits</h1> Non-resident taxpayers supplying services or hiring plant and machinery for prospecting, extraction or production of mineral oils have their profits deemed to be 10% of specified receipts from such activities, unless other special provisions apply. Such receipts include amounts paid or payable for services or hire in India and amounts received or deemed received in India for offshore services. An assessee may elect to compute lower actual profits if statutory books are maintained and audited. If profits are declared under this rule, no set-off of unabsorbed depreciation or brought-forward loss is allowed for that year. Plant includes vessels, aircraft, drilling units and equipment; mineral oil includes petroleum and natural gas.
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