1(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.
2 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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1. Ins. by Act 25 of 1975, s. 8 (w.e.f. 1-4-1976).
2. Ins. by Act 26 of 1997, s. 15 (w.e.f. 1-4-1976).
Section 44AA Maintenance of accounts by certain persons carrying on profession or business
Section 44AB Audit of accounts of certain persons carrying on business or profession
Section 44AD Special provision for computing profits and gains of business on presumptive basis
Section 44ADA Special provision for computing profits and gains of profession on presumptive basis
Section 44AF Special provisions for computing profits and gains of retail business
Section 44C Deduction of head office expenditure in the case of non-residents