The main provisions of assessment of shipping business income are section 44B and section 172 of the Income Tax Act. What is the difference between provision u/s 44B and section 172 as both refers to the taxation of shipping business income of non residents?
- Under section 172 , the word non resident is not used . The word used is Ship. So section 172 is applicable on every ship arriving on Indian port , whereas the section 44B applies to assessment of non resident owner or charterer of the ship having shipping business income .