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Income Tax act Section 44BBA and 44BBB

Income Tax act Section 44BBA and 44BBB

Section 44BBA of income tax deals with Special provision for computing profits and gains of the business of operation of aircraft in the case of non-residents:

Under section 44BBA(1), a sum equal to 5% of the aggregate of the amounts specified in sub-section (2) is deemed to be the profits and gains chargeable to tax under the head “Profits and gains of business or profession”. Sub-section (2) specifies the following amounts –

(a) the amount paid or payable, whether in or out of India, to the assessee or to any person on his behalf on account of the carriage of passengers, livestock, mail or goods from any place in India; and

(b) the amount received or deemed to be received in India by or on behalf of the assessee on account of the carriage of passengers, livestock, mail or goods from any place outside India.

Income Tax act Section 44BBA and 44BBB

Section 44BBB deals with Special provision for computing profits and gains of foreign companies engaged in the business of civil construction etc. in certain turnkey power projects:

(i) Under this provision in the case of a foreign company engaged in the business of construction or the business of erection of plant or machinery or testing or commissioning thereof in connection with a turnkey power project approved by the Central Government in this behalf, a sum equal to 10% of the amount paid or payable (whether in or out of India) to the said assessee or to any person on his behalf on account of such civil construction, erection, testing or commissioning shall be deemed to be the profits and gains of such business chargeable to tax under the head ‘profits and gains of business or profession’.

(ii) However, such taxpayers may claim lower income than the present presumptive rate of 10%, if they keep and maintain books of accounts and documents as required under section 44AA(2) and get their accounts audited under the provisions of section 44AB. The  assessment in all such cases shall be done by the Assessing Officer under section 143(3).

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Income Tax act Section 44BBA and 44BBB

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Income Tax act Section 44BBA and 44BBB

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