{"act":{"id":"finance-act-2024-no-2","short_title":"The Finance Act, 2024 (No. 2)","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2024-2025.","act_number":null,"act_year":2024,"enact_date":"2024-08-16","enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":174,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2024-no-2/"},"unit":"section","section":{"number":"17","heading":"Insertion of new section 44BBC","text":"Insertion of new section 44BBC. 17. After section 44BBB of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2025, namely:— '44BBC. Special provision for computing profits and gains of business of operation of cruise ships in case of non-residents - (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 cruise ships subject to such conditions as may be prescribed, a sum equal to twenty 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:— (a) | the amount paid or payable to the assessee or to any person on his behalf on account of the carriage of passengers; and (b) | the amount received or deemed to be received by or on behalf of the assessee on account of the carriage of passengers.'.","html":"<p><b>Insertion of new section 44BBC.</b></p><p><b>17.</b> After section 44BBB of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2025, namely:—</p><p>'44BBC. <i>Special provision for computing profits and gains of business of operation of cruise ships in case of non-residents</i> - (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 cruise ships subject to such conditions as may be prescribed, a sum equal to twenty 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\".</p><p><span class=\"num\">(2)</span> The amounts referred to in sub-section (1) shall be the following, namely:—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>the amount paid or payable to the assessee or to any person on his behalf on account of the carriage of passengers; and</td></tr><tr><td>(<i>b</i>)</td><td></td><td>the amount received or deemed to be received by or on behalf of the assessee on account of the carriage of passengers.'.</td></tr></table></div>","words":191,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2024-no-2/section/17/","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."}