9911796707
TMI BlogDETERMINATION OF INCOME ON A PRESUMPTIVE BASISX X X X Extracts X X X X X X X X Extracts X X X X ..... vehicle owned by the assessee, calculated at the rate of - (i) 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; or (ii) 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 total number of heavy goods and light goods vehicles owned by the assessee in the financial year should be ten or less. 2. Any business (other than a profession and the business referred to in serial number 1). Eight per cent. of the total turnover, or gross receipts, of the assessee in the financial year from the business. (i) the assessee i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion 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 nonresident. 6. Business of supplying plant and machinery on hire, used or to be used, in the prospecting for, or extraction or production of, mineral oils or natural gas. The amount shall be a sum equal to fourteen per cent. of aggregate of— (i) the amount paid or payable (whether in or out of India), directly or indirectly, to the assessee or to any person on his beh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2) of the Table in paragraph 1 shall be computed as if the person has claimed and has been actually allowed the deduction in respect of depreciation under section 38, initial depreciation under section 39 and terminal allowance under section 40. 5. The amount of common costs (including depreciation) attributable to the business specified in column (2) of the Table in paragraph 1 and presumed to have been allowed under Paragraph 3 shall be determined in such manner as may be prescribed. 6. The provisions of this Schedule shall not apply to— (a) any income which is derived from any special source; (b) any income from ordinary sources in respect of the business referred to in column (2) of the Table in paragraph 1, at the option of the assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X
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