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of <h1>Foreign company in approved turnkey power project taxed 10% deemed profit for construction/erection; can elect audited actual profits instead</h1> For a foreign company carrying out civil construction, erection of plant or machinery, testing or commissioning in a Central Government-approved turnkey power project, ten percent of amounts paid or payable for those activities is deemed taxable business profit. The company may instead claim actual lower profits if it maintains prescribed books, gets audited and files the audit report, whereupon the assessing officer will assess total income or loss. If the company elects the deemed-profit treatment, no set-off of unabsorbed depreciation or brought-forward business losses is allowed for that previous year.
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