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<h1>New Amendment to Section 44BB: Non-Residents Can't Set-Off Unabsorbed Depreciation, Brought Forward Losses on Mineral Oil Income.</h1> Section 44BB of the Income Tax Act provides a special provision for computing profits and gains for non-resident taxpayers involved in the business of providing services or facilities related to the exploration, extraction, or production of mineral oils. It deems 10% of the gross receipts as profits and gains, applicable to non-residents supplying services or hiring out plant and machinery. While set-off of current year and brought forward losses is allowed, depreciation set-off is not possible. Chapter VI-A deductions are available. Payments for technical services are covered under Sections 115A or 44DA, not 44BB. An amendment in 2023 disallows set-off of unabsorbed depreciation and brought forward loss for such income.
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