CBDT notifies amendments in I-T rules for non-resident cruise ships

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CBDT notifies amendments in I-T rules for non-resident cruise ships - Business Standard

Quick Summary:

As a measure to promote investment and employment, the government had in the July Budget, provided a presumptive taxation regime for non-residents, engaged in the business of operation of cruise ships.

The income tax department has notified amendments in I-T rules to prescribe conditions for applicability of presumptive taxation regime for non-resident cruise ship operators.

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.