{"act":{"id":"finance-act-1975","short_title":"The Finance Act, 1975","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 1975-1976.","act_number":"25","act_year":1975,"enact_date":"1975-05-09","enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":31,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-1975/"},"unit":"section","section":{"number":"8","heading":"Insertion of new section 44B","text":"Insertion of new section 44B 8. In the Income-tax Act, after section 44A, the following section shall be inserted with effect from the 1st day of April, 1976, namely:— Special provision for computing profits and gains of shipping business in the case of non-residents. '44B. (1) Notwithstanding anything to the contrary contained in sections 28 to 43A, in the case of an assessee, being a non-resident, engaged in the business of operation of ships, a sum equal to seven and a half per cent, of the aggregate of the amounts specified in sub-section (2) shall be deemed to be the profits and gains of such business chargeable to tax under the head \"Profits and gains of business or profession\". (2) The amounts referred to in sub-section (1) shall be the following, namely:— (i) the amount paid or payable (whether in or out of India) to the assessee or to any person on his behalf on account of the carriage of passengers, live-stock, mail or goods shipped at. any port in India; and (ii) the amount received or deemed to be received in India by or on behalf of the assessee on account of the carriage of passengers, live-stock, mail or goods shipped at any port outside India.'. [Finance Act, 1975] © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><b>Insertion of new section 44B</b></p><p><b>8.</b> In the Income-tax Act, after section 44A, the following section shall be inserted with effect from the 1st day of April, 1976, namely:—</p><p><b>Special provision for computing profits and gains of shipping business in the case of non-residents.</b></p><p>'44B. (<i>1</i>) Notwithstanding anything to the contrary contained in sections 28 to 43A, in the case of an assessee, being a non-resident, engaged in the business of operation of ships, a sum equal to seven and a half per cent, of the aggregate of the amounts specified in sub-section (<i>2</i>) shall be deemed to be the profits and gains of such business chargeable to tax under the head \"Profits and gains of business or profession\".</p><p>(<i>2</i>) The amounts referred to in sub-section (<i>1</i>) shall be the following, namely:—</p><p>(<i>i</i>) the amount paid or payable (whether in or out of India) to the assessee or to any person on his behalf on account of the carriage of passengers, live-stock, mail or goods shipped at. any port in India; and</p><p>(<i>ii</i>) the amount received or deemed to be received in India by or on behalf of the assessee on account of the carriage of passengers, live-stock, mail or goods shipped at any port outside India.'.</p><p>[Finance Act, 1975]</p><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":216,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-1975/section/8/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}