Section 44B of ITA, 1961 : Section 44B: Special Provision For Computing Profits And Gains Of Shipping Business In The Case Of Nonresidents
ITA, 1961
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Explanation using Example
Imagine a foreign shipping company, Oceanic Transports Inc., which is not based in India but operates ships that regularly carry goods to and from Indian ports. According to Section 44B of the Income-tax Act, 1961, when Oceanic Transports Inc. earns income from the carriage of goods shipped from any port in India, they do not have to calculate their taxable income wit...
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