Special provision for computing profits and gains of Foreign Companies engaged in the Business of Civil Construction etc. In certain Turnkey Power Projects – Section 44BBB - International Taxation - Income Tax

Special provision for computing profits and gains of Foreign Companies engaged in the Business of Civil Construction etc. In certain Turnkey Power Projects Section 44BBB Applicable to Foreign company in business of civil construction or erection testing of power plants. Income deemed as PGBP 10% of: Amount received in India or outside India for carrying out the above work. Income lower than presumptive rate Assessee can show provided he maintain books of account get the audit done under section 44AB his case will be put in scrutiny assessment under section 143(3) Provisions of Section 28 to 43A Not applicable Set-off of current year depreciation and b/f depreciation of other business against such income. Not Possible 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 Notwithstanding anything contained in section 32(2) and section 72(1) , where an assessee declares profits and gains of business for any previous year in accordance with the provisions of section 44BBB(1), no set off of unabsorbed depreciation and brought forward loss shall be allowed to the assessee for such previous year. [ Section 44BBB(3) ] [Amendment by FA, 2023 w.e.f. AY 2024-25].