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Presumptive taxation for certain non-resident shipping and service businesses: income computed by specified formula replacing usual provisions. Profits of listed businesses carried on by specified non-resident assessees are to be computed on a prescribed presumptive basis using specified aggregates of receipts and fixed proportionate computation set out in the Table; the computed amount is deemed business income. No losses, allowances or deductions under the Act may be claimed against such computed income, though for particular entries an assessee may demonstrate lower actual profits by maintaining prescribed books and furnishing an audit report. Written down value is computed as if depreciation had been claimed and allowed.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
<h1>Presumptive taxation for certain non-resident shipping and service businesses: income computed by specified formula replacing usual provisions.</h1> Profits of listed businesses carried on by specified non-resident assessees are to be computed on a prescribed presumptive basis using specified aggregates of receipts and fixed proportionate computation set out in the Table; the computed amount is deemed business income. No losses, allowances or deductions under the Act may be claimed against such computed income, though for particular entries an assessee may demonstrate lower actual profits by maintaining prescribed books and furnishing an audit report. Written down value is computed as if depreciation had been claimed and allowed.
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