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of <h1>Amendments to Section 44BB: Restrictions on Unabsorbed Depreciation and Loss Set-Off for Non-Residents from 2024-25 Onwards.</h1> Section 44BB of the Income Tax Act provides a presumptive taxation scheme for non-residents engaged in services related to mineral oil exploration, extraction, or production. Under this provision, 10% of the gross receipts are deemed as profits and gains. This presumptive income cannot be adjusted for depreciation, although current year losses can be set off. The section does not apply if other specific provisions like sections 42, 44DA, or 115A are applicable. Recent amendments restrict the set-off of unabsorbed depreciation and brought forward losses for assessments from 2024-25 onwards.
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