Join our facebook page : -
http://www.facebook.com/pages/Free-education-for-CA-CPT-IPCC-and-Final-students/140647499411624?notif_t=page_new_likes
Notwithstanding contrary provision in Section 28 to 43A
7½% of the aggregate of the following amounts shall be deemed to be the profits and gains of business of Shipping chargeable to tax in India : -
Amount paid or payable (whether within or outside of India) to the assessee or to any person on his behalf, on account of the carriage of passengers, livestock, mail or goods shipped at any port in India; and
Amount received or deemed to be received in India by or on behalf of the assessee, on account of the carriage of passengers, livestock, mail or goods shipped at any port outside India.
Carriage amount shall also include amount paid/payable, or received or deemed to be received by way of demurrage charges or handling charges or any other amount of similar nature
