https://www.taxtmi.com/acts?id=47048 A special deemed profit mechanism treats a fixed proportion of aggregate amounts received for provision of services or supply of plant and machinery on hire used in prospecting for, or extraction or production of, mineral oils as profits chargeable to tax under "Profits and gains of business or profession." The provision applies to amounts paid in or out of the jurisdiction and amounts deemed received in the jurisdiction, and does not apply where specified alternate provisions govern computation. "Plant" and "mineral oil" are defined for the purpose of the rule. en-us Tue, 07 Jan 2025 12:07:32 +0530 Tue, 07 Jan 2025 12:07:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=47048 A special deemed profit mechanism treats a fixed proportion of aggregate amounts received for provision of services or supply of plant and machinery on hire used in prospecting for, or extraction or production of, mineral oils as profits chargeable to tax under "Profits and gains of business or profession." The provision applies to amounts paid in or out of the jurisdiction and amounts deemed received in the jurisdiction, and does not apply where specified alternate provisions govern computation. "Plant" and "mineral oil" are defined for the purpose of the rule. Act-Rules F. Acts / Amendment Acts Tue, 07 Jan 2025 12:07:32 +0530 https://www.taxtmi.com/acts?id=47048