TMI BlogSpecial-Provision for computing the profits and gains of shipping business in the case of non-residents – Section 44BX X X X Extracts X X X X X X X X Extracts X X X X ..... in shipping operations business Income Taxable under the head of PGBP Section 44B and read with section 172(2) 7.5% of the aggregate of the following amount: Freight received in India or outside India for carriage of goods etc. shipped at port in India . Freight received or deemed to be received in India for carriage of go ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Set-off of current year losses and b/f losses of other business against such income. Possible Chapter VI-A deduction Available Other Provisions Shipping Business of Non-Resident [ Section 172 ] Where a ship carries passengers, livestock, mail or goods shipped at a port in India, 7.5% of the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessing Officer a return of the full amount paid or payable to the owner or charterer or any person on his behalf, on account of the carriage of all passengers, livestock, mail or goods shipped at that port since the last arrival of the ship thereat: A Return may be filed by the person authorised by the master of the ship within 30 days of the departure of the ship from the p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er this section after the expiry of nine months from the end of the financial year in which the return under section 172(3) is furnished. Grant of port of Clearance to the ship [ Section 172(6) ] A port clearance certificate shall not be granted to the ship until the collector of Customs is satisfied that the tax assessable under this section has been duly paid or satisfactory a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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