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Section 44BBA - Special provision for computing profits and gains of the business of operation of aircraft in the case of non-resident - Income Tax - Ready Reckoner - Income Tax
Extract
Section 44BBA : SPECIAL PROVISION FOR COMPUTING PROFITS AND GAINS OF THE BUSINESS OF OPERATION OF AIRCRAFT IN THE CASE OF NON-RESIDENTS Applicable to Non-resident in aircraft operations business Income deemed as PGBP 5% of: i. Freight received in India or outside India for carriage of goods etc. from India . ii. Freight received or deemed to be received in India for carriage of goods etc. from outside India. Income lower than presumptive rate Assessee cannot show. Provisions of Section 28 to 43A Not applicable Set-off of current year depreciation and b/f depreciation of other business against such income. Not Possible Set-off of current year losses and b/f losses of other business against such income. Possible Chapter VI-A deduction Available