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of <h1>Presumptive Taxation Scheme for Non-Residents in Shipping Under Section 44B, Excluding Cruise Shipping, Explained</h1> Section 44B of the Income Tax Act outlines a presumptive taxation scheme for non-residents engaged in shipping businesses, excluding cruise shipping. It mandates that 7.5% of freight received for goods shipped at Indian ports, whether received in India or abroad, is deemed taxable under the head of profits and gains from business or profession (PGBP). This includes demurrage and handling charges. Section 172 provides a recovery mechanism for taxes on amounts received for shipping goods at Indian ports. While Section 44B applies to regular business activities, Section 172 addresses irregular activities, with specific provisions for filing returns and assessments.
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