Special provision for computing profits and gains in connection with the business of exploration etc. of mineral oils - (New) Section 61(2)(table Sl. No. 5) / (Old) Section 44BB

Special provision for computing profits and gains in connection with the business of exploration etc. of mineral oils - (New) Section 61(2)(table Sl. No. 5) / (Old) Section 44BB https://www.taxtmi.com/manuals?id=1158 Special presumptive computation applies to non-residents providing services, facilities, or plant and machinery for prospecting for, extraction or production of mineral oils. Income is computed at 10% of specified receipts, contrary general provisions do not apply, and the assessee may claim lower profits only by maintaining prescribed books and furnishing the required audit report. No separate deduction is allowed, depreciation is deemed to have been claimed and allowed, and certain technical service receipts are excluded from the scheme. en-us Tue, 15 Sep 2015 11:46:00 +0530 Wed, 27 May 2026 13:03:00 +0530 TaxTMI RSS Generator Special provision for computing profits and gains in connection with the business of exploration etc. of mineral oils - (New) Section 61(2)(table Sl. No. 5) / (Old) Section 44BB https://www.taxtmi.com/manuals?id=1158 Special presumptive computation applies to non-residents providing services, facilities, or plant and machinery for prospecting for, extraction or production of mineral oils. Income is computed at 10% of specified receipts, contrary general provisions do not apply, and the assessee may claim lower profits only by maintaining prescribed books and furnishing the required audit report. No separate deduction is allowed, depreciation is deemed to have been claimed and allowed, and certain technical service receipts are excluded from the scheme. Manuals Income Tax Tue, 15 Sep 2015 11:46:00 +0530 https://www.taxtmi.com/manuals?id=1158