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query in 44BBA

Ayush Dhanuka (CA Final) (21 Points)

01 July 2019

can someone plz explain which amount is taxable as pgbp

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2 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (180956 Points)
Replied 02 July 2019

Special provision for computing profits and gains of the business of operation of aircraft in the case of non-residents.

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Suresh Thiyagarajan (Student) (3986 Points)
Replied 02 July 2019

1. Sec 44BBA deals with the taxation of income on presumptive bases for non-residents carrying Aircraft business in India.
2. This section is not optional and it is mandatory for any non-residents who are carrying on aircraft business
3. Any amount which is paid or payable to the non-resident or to a person on his behalf or amount received or receivable to the non-resident or on behalf of the assessee in relation to carriage of passengers, livestock, mail or goods from in India or outside India respectively.
4. 5% on the above amount for the year will be considered as profit chargeable under the head PGBP to the non-resident and no other expenses or depreciation will be allowed.
Please correct me if the above solution has an alternative view.