he provisions of sections 26 to 54, to the extent contrary to this section, shall not apply to the manner of computation of profits and gains of the specified business in sub-section (2). (2) The profits and gains of any specified business as mentioned in column B of the Table below, carried on by a specified assessee as mentioned in column C of the said Table during a tax year, shall be computed in the manner specified in column D thereof, and shall be deemed to be the profits and gains of such business of such assessee chargeable to tax for the said tax year under the head “Profits and gains of business or profession”.
CH. IV D.- PROFITS AND GAINS OF BUSINESS OR PROFESSION [Sec 26-66] Table Sl No. Specified business Specified Profits and gains of assessee business or profession A B C D 1. Business of operation Non- resident. 7.5% of (A+B), of ships, other than where,–– cruise ships referred to A = sum on account of in Serial number 2. carriage of passengers, livestock, mail or goods shipped at any port in India, whether paid or payable, in or outside India, to the assessee or any other person on his behalf (including demurrage, handling or other similar charges); B = sum on account of carriage of passengers, livestock, mail or goods shipped at any port outside India, whether received or deemed to be received in India, by the assessee or any other person on his behalf (including demurrage, handling or other similar charges). 2. Business of operation of Non-resident. 20% of (A+B), cruise ships (subject to where,–– the conditions as may A = sum on account of be prescribed). carriage of passengers, paid or payable to the assessee or any other person on his behalf; B = sum on account of carriage of passengers received or deemed to be received by the assessee or any other person on his behalf.
Sl No. Specified business Specified Profits and gains of assessee business or profession A B C D 3. Business of operation Non-resident. 5% of (A+B), of aircraft. where,–– A = sum on account of carriage of passengers, livestock, mail or goods from any place in India, paid or payable (in or outside India) to the assessee or any other person on his behalf; B = sum on account of carriage of passengers, livestock, mail or goods from any place outside India, received or deemed to be received in India, by the assessee or any other person on his behalf. 4. Business of civil Foreign 10% of the amount towards construction or erection company. such civil construction, or testing or erection, testing, or commissioning, of commissioning, paid or plant or machinery, in payable, to the assessee or connection with a to any other person on his turnkey power project, behalf, whether in or approved by the Central outside India. Government. 5. Business of providing Non- resident. 10% of (A+B), services or facilities where,–– (including supply of A = sum on account of plant and machinery on business of providing hire) for prospecting, services and facilities in extraction or connection with, or supply production of mineral of plant and machinery on oils. hire used, or to be used, in the prospecting for, or extraction or production of mineral oils in India, paid or payable (in or outside India), to the assessee or any other person on his behalf;
CH. IV D.- PROFITS AND GAINS OF BUSINESS OR PROFESSION [Sec 26-66] Sl No. Specified business Specified Profits and gains of assessee business or profession A B C D B = sum on account of business of providing services and facilities in connection with, or supply of plant and machinery on hire used, or to be used, in the prospecting for, or extraction or production of mineral oils outside India, received or deemed to be received in India, by the assessee or any other person on his behalf. 6. Business of providing Non- 25% of (A+B), services or technology resident. where,–– in India, for the purposes A = the amount paid or of setting up an payable to the non-resident electronics assessee or to any person on manufacturing facility or his behalf on account of in connection with providing services or manufacturing or technology; producing electronic goods, article or thing B = the amount received in India to a resident or deemed to be received by company. the non-resident assessee or on behalf of non-resident assessee on account of providing services or technology. (3) For the purposes of sub-section (2) (Table: Sl. Nos. 4 and 5) the specified assessee may claim that the profits actually earned from the specified business are lower than the business profits computed under sub-section (2), if,– (a) he keeps and maintains such books of account and other documents as required under section 62; and (b) gets his accounts audited and furnish a report of such audit as required under section 63. (4) Any loss, allowance or deduction allowable under the provisions of this Act shall not be allowed against the income computed in the manner specified in sub-section (2).