CBDT notifies Rule 6GB to prescribe conditions for applicability of presumptive taxation regime u/s 44BBC for non-resident cruise ship operators
As a measure to promote investment and employment, Finance (No. 2) Act, 2024 inter alia provided a presumptive taxation regime for non-residents, engaged in the business of operation of cruise ships. Further, exemption has been provided for any income of a foreign company from lease rentals of cruise ships, received from a related company which operates such ship or ships in India. Applicability of this presumptive taxation regime is subject to the conditions, as prescribed.
The CBDT vide Notification No. 9/2025 dated 21.01.2025 has prescribed the following conditions for applicability of presumptive taxation regime for non-resident cruise ship operators:-
(a) Operate a passenger ship having a carrying capacity of more than 200 passengers or length of 75 meters or more, for leisure and recreational purposes and having appropriate dining and cabin facilities for passengers;
(b) Operate such ship on scheduled voyage or shore excursion touching at least two sea ports of India or same sea ports of India twice;
(c) Operate such ship primarily for carrying passengers and not for carrying cargo; and
(d) Operate such ship as per the procedure and guidelines if any, issued by the Ministry of Tourism or Ministry of Shipping.
- CBDT notifies revised Form for registration as valuer & authorised income tax practitioner
- Curtailing time to file reply to notice u/s 148A(b) from 30 days prejudiced assessee’s right – HC
- For registration u/s 12AB, applicability of proviso to section 2(15) can’t be adjudicated
- Flower bed area not included in “built up area” to calculate eligible limit u/s 80IB(10)
- Unsigned document has no validity or veracity and cannot be a basis for levying penalty u/s 271DA – ITAT
