1 ,2 (1) Notwithstanding anything to the contrary contained insections 28 to 44AA, in the case of an assessee, being a foreign company, engaged in the business of civil 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 3 ***, a sum equal to ten per cent. 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".
4 (2) Notwithstanding anything contained in sub-section (1), an assessee may
claim lower profits and gains than the profits and gains specified in that
sub-section, if he keeps and maintains such books of account and other documents
as required under sub-section (2) of section 44AA and gets his accounts audited
and furnishes a report of such audit as required under section 44AB, and
thereupon the Assessing Officer shall proceed to make an assessment of the total
income or loss of the assessee under sub-section (3) of section 143 and
determine the sum payable by, or refundable to, the assessee.
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1. Ins. by Act 13 of 1989, s. 10 (w.e.f. 1-4-1990).
2. The existing section numbered as sub-section (1) thereof by Act 32 of 2003,
s. 26 (w.e.f. 1-4-2004).
3. The words "and financed under any international aid programme" omitted by s.
26, ibid. (w.e.f. 1-4-2004).
4. Ins. by s. 26, ibid. (w.e.f. 1-4-2004).
Section 44AA Maintenance of accounts by certain persons carrying on profession or business
Section 44AB Audit of accounts of certain persons carrying on business or profession
Section 44AD Special provision for computing profits and gains of business on presumptive basis
Section 44ADA Special provision for computing profits and gains of profession on presumptive basis
Section 44AF Special provisions for computing profits and gains of retail business
Section 44C Deduction of head office expenditure in the case of non-residents