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

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....ts providing services or facilities related to mineral oil exploration or production. • Non-residents supplying or hiring out plant and machinery for the same purpose. Manner of Computation of Deemed Income [ Section 61(2) (table Sl.no. 5) ] • Taxable Income: 10% of (A+B), where,-- A = sum on account of business of providing services and facilities in connection with, or supply of plant and machinery on hire used, or to be used, in the prospecting for, or extraction or production of mineral oils in India, paid or payable (in or outside India), to the assessee or any other person on his behalf; B = sum on account of business of providing services and facilities in connection with, or sup....

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....e provisions of this Act shall not be allowed against the income computed in the manner specified in Section 61(2) (table Sl.no. 5). Deemed Depreciation - The written down value of any asset used for the purposes of specified business or profession shall be computed, as if the Non-resident assessee had claimed and was actually allowed depreciation thereon for each of the relevant tax years. Meaning of  "plant" includes ships, aircrafts, vehicles, drilling units, scientific apparatuses and equipments used for the purposes of the specified business. Under Section 44BB of the Income Tax Act, 1961 [ Upto 31.03.2026 ] Special provision for computing profits and gains in connection with the business of exploration etc. ....