Clause 17 - Insertion of new section 44BBC. - Finance (No. 2) Bill, 2024

Insertion of new section 44BBC. 17. After section 44BBB of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2025, namely: Special provision for computing profits and gains of business of operation of cruise ships in case of non-residents. 44BBC. (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 cruise ships subject to such conditions as may be prescribed, a sum equal to twenty 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: (a) the amount paid or payable to the assessee or to any person on his behalf on account of the carriage of passengers; and (b) the amount received or deemed to be received by or on behalf of the assessee on account of the carriage of passengers. .