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 ..... ehicle. The aggregate amount of income from all the heavy goods vehicles and light goods 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 ce ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) the amount paid or payable (whether in or out of India), directly or indirectly, to the assessee or to any person on his 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 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3. The income computed under paragraph 1 shall be presumed to have been computed after giving full effect to every loss, allowance or deduction under this Code. 4. The written down value of any business asset used for the purposes of earning income from the business specified in column (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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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