Section 8 - Insertion of New Section 44B - Finance Act, 1975

8. Insertion of New Section 44B In the Income-tax Act, after section 44A, the following section shall be inserted with effect from the 1st day of April, 1976, namely :- 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, live-stock, 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, live-stock, mail or goods shipping at any port outside India. .