44B. Special provision for computing profits and gains of
shipping business in the case of non-residents.- (1)
Notwithstanding anything to the contrary contained in sections
28 to 43A, 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.
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