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of <h1>Section 44B: Non-Resident Shipping Profits Taxed at 7.5% of Specified Amounts, Overrides Sections 28-43A of Income-tax Act.</h1> Section 44B of the Income-tax Act, effective from April 1, 1976, introduces a special provision for calculating profits and gains from the shipping business for non-residents. It stipulates that seven and a half percent of specified amounts will be considered taxable profits. These amounts include payments made to the non-resident or on their behalf for transporting passengers, livestock, mail, or goods from any Indian port, and amounts received or deemed received in India for similar services from ports outside India. This provision overrides sections 28 to 43A of the Act.
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