Section 44BBB of ITA, 1961 : Section 44Bbb: Special Provision For Computing Profits And Gains Of Foreign Companies Engaged In The Business Of Civil Construction, Etc, In Certain Turnkey Power Projects
ITA, 1961
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Explanation using Example
Imagine a scenario where PowerGrid International, a foreign company, specializes in the construction of power plants. They secure a contract for a turnkey power project in India, which involves the civil construction and installation of turbines and generators, and is approved by the Central Government.
Under Section 44BBB of the Income-tax Act, 1961, when PowerGrid International receives paymen...
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