Special provision for computing profits and gains of the Business of Operation of Aircraft In the case of Non-Residents

Special provision for computing profits and gains of the Business of Operation of Aircraft In the case of Non-Residents – Section 44BBA https://www.taxtmi.com/manuals?id=1624 Section 44BBA establishes a presumptive taxation method for non resident aircraft operators, taxing income under PGBP as a fixed percentage of aggregate freight receipts for carriage to or from India; taxpayers may not declare income below the presumptive amount. Sections 28-43A are inapplicable to this computation, depreciation set off from other businesses is disallowed, loss set off from other businesses is permitted, Chapter VI A deductions remain available, and the rule treats corporate and non corporate non residents alike. en-us Tue, 11 Jul 2017 15:19:00 +0530 Mon, 05 Feb 2024 16:30:00 +0530 TaxTMI RSS Generator Special provision for computing profits and gains of the Business of Operation of Aircraft In the case of Non-Residents – Section 44BBA https://www.taxtmi.com/manuals?id=1624 Section 44BBA establishes a presumptive taxation method for non resident aircraft operators, taxing income under PGBP as a fixed percentage of aggregate freight receipts for carriage to or from India; taxpayers may not declare income below the presumptive amount. Sections 28-43A are inapplicable to this computation, depreciation set off from other businesses is disallowed, loss set off from other businesses is permitted, Chapter VI A deductions remain available, and the rule treats corporate and non corporate non residents alike. Manuals Income Tax Tue, 11 Jul 2017 15:19:00 +0530 https://www.taxtmi.com/manuals?id=1624