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of <h1>Finance Bill 2024: Amendments to Section 44B of Income-tax Act for Non-Resident Shipping Firms Effective April 2025</h1> Clause 16 of the Finance (No. 2) Bill, 2024 proposes amendments to section 44B of the Income-tax Act, effective April 1, 2025. The amendments revise the marginal heading to specify that the section applies to non-residents engaged in shipping businesses, excluding cruise shipping as outlined in section 44BBC. Sub-section (1) is modified to clarify that profits for non-residents operating ships, excluding cruise ships, will be computed as seven and a half percent of specified amounts, overriding sections 28 to 43A. These changes will apply from the assessment year 2025-2026 onwards.
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