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of <h1>New Tax Rule: Section 44BBA Sets 5% Taxable Profit for Non-Resident Aircraft Operators in India.</h1> Section 44BBA, introduced by the Finance Act of 1987 and effective from April 1, 1988, provides a special provision for computing profits and gains for non-resident entities engaged in aircraft operations. It stipulates that five percent of certain specified amounts will be deemed as taxable profits and gains. These amounts include payments made or payable for the carriage of passengers, livestock, mail, or goods from any location in India, and amounts received or deemed received in India for such carriage from any place outside India. This provision overrides sections 28 to 43A of the Income-tax Act.
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