Special provision for computing profits and gains in connection with the Business of Exploration etc. of Mineral Oils

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Special provision for computing profits and gains in connection with the Business of Exploration etc. of Mineral Oils - Section 44BB

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....ident taxpayer is engaged in the business of providing services or facilities in connection with prospecting for, or extraction or production of mineral oils, a sum equal to 10% of gross receipts shall be deemed to be profits and gains of such business. Since, the deeming fiction is for determination of income under section 44BB, it cannot be applied for deeming allowance of depreciation. Applica....

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....ossible Set-off of current year losses and b/f losses of other business against such income. Possible (No set off B/F Loss) Chapter VI-A deduction Available Non- Applicability of presumptive taxation under section 44BB - The provisions of section 44BB shall not apply to any income to which the provisions of section 42 or section 44DA, 115A or 239A apply for the purpose of computing profit or ....

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Special provision for computing profits and gains in connection with the Business of Exploration etc. of Mineral Oils - Section 44BB