TaxTMI 
TaxTMI 
Special provision for computing profits and gains of business of operation of cruise ships in case of non-residents - (New) Section 61(2)(Table Sl. no. 2) / (Old) Section 44BBC
X X X X Extracts X X X X
X X X X Extracts X X X X
.... business of operation of cruise ships. Taxable - the profits and gains of such business of such assessee chargeable to tax for the said tax year under the head "Profits and gains of business or profession". Manner of Computation of Deemed Profit Taxable Income - 20% of (A+B), where,-- A = sum on account of carriage of passengers, paid or payable to the assessee or any other person on his behalf; B = sum on account of carriage of passengers received or deemed to be received by the assessee or any other person on his behalf. Conditions to be fulfilled by a non-resident, engaged in the business of operation of cruise ships under section 61(2) [Table: Sl. No. 2] [ Rule 44 of the Incom....
X X X X Extracts X X X X
X X X X Extracts X X X X
....tax in India if it meets the following three conditions: • (a) Such income is received from a specified company which operates such ship or ships in India; • (b) such foreign company and the specified company are subsidiaries of the same holding company; and • (c) such income is received or accrues or arises in India for any relevant tax year beginning on or before the 1st April, 2029. Under Section 44BBC of the Income Tax Act, 1961 [ Upto 31.03.2026 ] W.e.f. 01.04.2025 Inserted vide Finance (No. 2) Act, 2024 Special provision for computing profits and gains of business of operation of cruise ships in case of non-residents [ Section 44BBC of the Income Tax Act, 1961 read wi....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ssengers; and • (b) the amount received or deemed to be received by or on behalf of the assessee on account of the carriage of passengers. • Without any deduction of expenditure contained in sections 28 to 43A. Exemption available for next 5 year Incomes not included in total income [ Section 10(15B) w.e.f. 01.04.2025 inserted vide Finance (No.2) Act, 2024 ] Any income of a foreign company from lease rentals, by whatever name called, of cruise ships, received from a specified company which operates such ship or ships in India, where such foreign company and the specified company are subsidiaries of the same holding company, and such income is received or accrues or arises in India for any r....