Section 44BCentral Act

Section 44B: [ Special provision for computing profits and gains of shipping business in the case of non-residents. [ Inserted by Act 25 of 1975, Section 8 (w.e.f. 1.4.1976).]

The Income-tax Act, 1961

[ Special provision for computing profits and gains of shipping business in the case of non-residents. [ Inserted by Act 25 of 1975, Section 8 (w.e.f. 1.4.1976).]

(1)

Notwithstanding anything to the contrary contained in sections 28 to 43-A, in the case of an assessee, being a non-resident, engaged in the business of operation of ships, a sum equal to seven and a half per cent. of the aggregate of the amounts specified in sub-section (2) 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".

(2)

The amounts referred to in sub-section (1) shall be the following, namely:-

(i)

the amount paid or payable (whether in or out of India) to the assessee or to any person on his behalf on account of the carriage of passengers, livestock, mail or goods shipped at any port in India; and

(ii)

the amount received or deemed to be received in India by or on behalf of the assessee on account of the carriage of passengers, livestock, mail or goods shipped at any port outside India.]

[Explanation. - For the purposes of this sub-section, the amount referred to in clause (i) or clause (ii) shall include the amount paid or payable or received or deemed to be received, as the case may be, by way of demurrage charges or handling charges or any other amount of similar nature.] [ Inserted by Act 26 of 1997, Section 15 (w.e.f. 1.4.1976).]

Sec 44AF — [ Special provisions for computing profits and gains of retail business. [ Inserted by Act 26 of 1997, Section 14 (w.e.f. 1.4.1998).]

Sec 44BB — [ Special provision for computing profits and gains in connection with the business of exploration, etc., of mineral oils. [Inserted by Act 11 of 1987, Section 11 (w.r.e.f. 1.4.1983).]

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