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of <h1>Union Budget 2024-25: New Tax Regime for Cruise Operators with Section 44BBC; Lease Rental Exemptions for Subsidiaries.</h1> The Union Budget 2024-25 introduces measures to boost India's cruise shipping industry, aiming to attract international tourists and enhance domestic interest. Proposed amendments include a presumptive taxation regime for non-resident cruise operators, with a new section 44BBC deeming 20% of passenger carriage income as profits. Section 44B's presumptive taxation will no longer apply to cruise businesses. Additionally, lease rentals paid by companies under this regime will be exempt if both the paying and recipient companies are subsidiaries of the same holding company. These changes take effect from April 1, 2025, applying to assessment year 2025-26 onwards.
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