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Section 44B & 172 - Special provision for computing profits and gains of shipping business in case of non-residents

Income Tax - Profit and Gains of Business or Profession - 78 - SEC - 44B: SPECIAL PROVISION FOR COMPUTING PROFITS AND GAINS OF SHIPPING BUSINESS IN THE CASE OF NON-RESIDENTS Applicable to Non-resident in shipping operations business Income deemed as PGBP 7.5% of: i.Freight received in India or outside India for carriage of goods etc. shipped at port in India. ii.Freight received or deemed to be received in India for carriage of goods etc. shipped at port outside India. Income lower than presumpt .....

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S OF NON-RESIDENT Where a ship carries passengers, livestock, mail or goods shipped at a port in India, 7.5% of the amount paid or payable on account of such carriage to the owner or the charterer or any other person on his behalf, whether that sum is payable in India or outside India, shall be deemed to be the income arising to the owner/ charterer. AMOUNT PAID OR PAYABLE SHALL INCLUDE AMOUNT PAID OR PAYABLE BY WAY OF DEMURRAGE OR HANDLING CHARGES OR ANY OTHER AMOUNT OF SIMILAR NATURE. Before d .....

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