9911796707
TMI BlogTHE FOURTEENTH SCHEDULE - DETERMINATION OF INCOME ON A PRESUMPTIVE BASISX X X X Extracts X X X X X X X X Extracts X X X X ..... ssee, calculated at the rate of five thousand rupees from each heavy goods vehicle for every month or part of a month during which the vehicle is owned by the assessee in the financial year. The number of heavy goods vehicles owned by the assessee in the financial year should be ten or less. 2. Business of plying, hiring or leasing of light goods vehicle. The aggregate amount of income from all the light goods vehicles owned by the assessee, calculated at the rate of four thousand five hundred rupees from each light goods vehicle for every month or part of a month during which the vehicle is owned by the assessee in the financial year. The number of light goods vehicles owned by the assessee at any time in the financial year should be ten o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s behalf on account of the provisions of services and facilities in connection with the prospecting for, or extraction or production of, mineral oils in India; and (ii) the amount received or deemed to be received in India, directly or indirectly, by or on behalf of the assessee on account of the provisions of services and facilities in connection with the prospecting for, or extraction or production of, mineral oils outside India; The assessee is a non-resident. 7. Business of supplying plant and machinery on hire used, or to be used, in the prospecting for, or extraction or production of, mineral oils. The amount shall be a sum equal to ten per cent. of aggregate of,- (i) the amount paid or payable (whether in or out of India), directly o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... poses of earning income from the business specified in column 2 of Table in rule 1 shall be computed as if the person has claimed and has been actually allowed the deduction in respect of depreciation under section 36, initial depreciation under section 37 and terminal allowance under section 38. 5. The amount of common costs (including depreciation) attributable to the business specified in column 2 of Table in rule 1 and presumed to have been allowed under Rule 3 shall be determined in the prescribed manner. 6. The provisions of this section shall not apply to- (a) the business referred to in column 2 of the Table in rule (1) if,- (i) the assessee keeps and maintains all the books of account and other documents referred to in section 85 i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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