https://www.taxtmi.com/highlights?id=83285 Section 44B is a special provision for computing profits and gains of shipping business for non-residents at 7.5% of specified amounts like freight receipts. The issue was whether GST should be included in these specified amounts for computing presumptive income u/s 44B. It was held that Section 145A dealing with income computation and disclosure standards relates to valuation of inventory and cannot be extended to alter the computation mechanism u/s 44B. GST being a statutory levy cannot be considered part of the specified amounts u/s 44B(2), as it would amount to charging income tax on GST itself. Judicial precedents under the earlier service tax regime support excluding indirect taxes from such presumptive taxation provisions. Including ..... en-us Thu, 21 Nov 2024 09:00:01 +0530 Thu, 21 Nov 2024 09:00:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=83285 Section 44B is a special provision for computing profits and gains of shipping business for non-residents at 7.5% of specified amounts like freight receipts. The issue was whether GST should be included in these specified amounts for computing presumptive income u/s 44B. It was held that Section 145A dealing with income computation and disclosure standards relates to valuation of inventory and cannot be extended to alter the computation mechanism u/s 44B. GST being a statutory levy cannot be considered part of the specified amounts u/s 44B(2), as it would amount to charging income tax on GST itself. Judicial precedents under the earlier service tax regime support excluding indirect taxes from such presumptive taxation provisions. Including ..... Highlights Income Tax Thu, 21 Nov 2024 09:00:01 +0530 https://www.taxtmi.com/highlights?id=83285