Section 172 of ITA, 1961 : Section 172: Shipping Business Of Non-Residents
ITA, 1961
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Explanation using Example
Imagine a foreign shipping company, "Oceanic Transport Inc.", which is based in Greece, charters a ship that docks at Mumbai port in India. The ship carries goods from India to other countries. According to Section 172 of the Income-tax Act, 1961, Oceanic Transport Inc. is required to pay taxes to the Indian government for the income generated from carrying these goods from an Indian port.
Before the ship departs from Mumbai, the master...
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