India - Income Tax Act 2010 - Saarc

S. 44BB I.T. ACT, 1961 1.294aggregate of the amounts specified in sub-section (2) shall be deemed to bethe profits and gains of such business chargeable to tax under the head “Profitsand gains of business or profession”.(2) The amounts referred to in sub-section (1) shall be the following, namely :—(i) the amount paid or payable (whether in or out of India) to the assesseeor to any person on his behalf on account of the carriage of passengers,livestock, mail or goods shipped at any port in India; and(ii) the amount received or deemed to be received in India by or on behalfof the assessee on account of the carriage of passengers, livestock,mail or goods shipped at any port outside India.]11[Explanation.—For the purposes of this sub-section, the amount referred to inclause (i) or clause (ii) shall include the amount paid or payable or received ordeemed to be received, as the case may be, by way of demurrage charges orhandling charges or any other amount of similar nature.]12[Special provision for computing profits and gains in connection with thebusiness of exploration, etc., of mineral oils.44BB. (1) Notwithstanding anything to the contrary contained in sections 28 to41 and sections 43 and 43A, in the case of an assessee 13 [, being a nonresident,]engaged in the business of providing services or facilities in connectionwith, or supplying plant and machinery on hire used, or to be used, in theprospecting for, or extraction or production of, mineral oils, a sum equal to tenper cent of the aggregate of the amounts specified in sub-section (2) shall bedeemed to be the profits and gains of such business chargeable to tax under thehead “Profits and gains of business or profession” :Provided that this sub-section shall not apply in a case where the provisions ofsection 42 or section 44D or 13a [section 44DA or] section 115A or section 293Aapply for the purposes of computing profits or gains or any other incomereferred to in those sections.(2) The amounts referred to in sub-section (1) shall be the following, namely :—(a) the amount paid or payable (whether in or out of India) to the assesseeor to any person on his behalf on account of the provision of servicesand facilities in connection with, or supply of plant and machinery onhire used, or to be used, in the prospecting for, or extraction orproduction of, mineral oils in India; and(b) the amount received or deemed to be received in India by or on behalfof the assessee on account of the provision of services and facilitiesin connection with, or supply of plant and machinery on hire used, orto be used, in the prospecting for, or extraction or production of,mineral oils outside India.14[(3) Notwithstanding anything contained in sub-section (1), an assessee mayclaim lower profits and gains than the profits and gains specified in that subsection,if he keeps and maintains such books of account and other documentsas required under sub-section (2) of section 44AA and gets his accounts audited11. Inserted by the Finance Act, 1997, w.r.e.f. 1-4-1976.12. Inserted by the Finance Act, 1987, w.r.e.f. 1-4-1983.13. Inserted by the Finance Act, 1988, w.r.e.f. 1-4-1983.13a. Shall be inserted by the Finance Act, 2010, w.e.f. 1-4-2011.14. Inserted by the Finance Act, 2003, w.e.f. 1-4-2004.