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of <h1>Section 44BB: Special Tax Rules for Oil and Gas Service Providers, 10% Income Deemed Profits, Excludes Sections 42, 44D, 115A, 293A.</h1> Section 44BB of the Income-tax Act, introduced by the Finance Act, 1987, establishes a special provision for calculating profits and gains for businesses involved in services or facilities related to the exploration, extraction, or production of mineral oils. It stipulates that 10% of specified amounts, which include payments for services or facilities and supply of plant and machinery, will be deemed profits chargeable to tax under 'Profits and gains of business or profession.' This section excludes cases where sections 42, 44D, 115A, or 293A apply. 'Plant' encompasses ships, aircraft, vehicles, and equipment, while 'mineral oil' includes petroleum and natural gas.
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