Deemed profits: specified portion of payments to foreign contractors for approved turnkey power projects treated as taxable business income. For foreign companies engaged in civil construction, erection, testing or commissioning for turnkey power projects approved by the Central Government and financed under an international aid programme, a specified portion of amounts paid or payable to the company or any person on its behalf for those activities is deemed to be the profits and gains of the business and chargeable to tax under the head Profits and gains of business or profession.