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Income is Taxed in the same Year in which it is Earned-

1. Shipping business income of non-resident ship-owners [Section-172]

In case a non-resident shipping company, which has no representative in India, earns income by carrying passengers, livestock, mail or goods loaded from any Indian port, such ship will not be allowed to leave the port till the tax on such income has been paid or alternative arrangements to pay tax are made. As such income is assessed to tax at current year’s rates. 7½% of the amount received or amount receivable by the ship-owners or charters as fare/freight (including amount on account of demurrage charge or handling charge) shall be deemed to be the income accruing in India on account of such carriage.

The master of the ship is required to furnish a return of such income to the Assessing Officer before the departure of the ship. However, such return can be furnished within 30 days of the departure of the ship from Indian port if the Assessing Officer is satisfied that it is not possible to submit such return before the departure of the ship and satisfactory arrangements have been made for filing of the return and payment of tax by any other person.

A port clearance certificate shall not be granted to the ship until the Collector of Customs or other officer duly authorised to grant the same is satisfied that tax has been duly paid or that satisfactory arrangements have been made for the payment of tax and filing of return within 30 days of the departure of ship from Indian port

Income of such person shall be computed as per section 44B.

2. In cases of persons leaving India [Section-174]

In case I.T.O. has the reasons to believe that an individual will leave India with no intention to return during the current assessment year, the total income of such individual for the period between the expiry of last previous year and till the date of his departure, will be taxable in the current assessment year.

3. Assessment of any association of persons, body of individuals or Artificial Juridical person formed or established only for a limited period [Section-174A]

In case an Assessing Officer finds that any association of persons, body of individuals or Artificial Juridical person has been formed or established only for a limited period or for a particular event and it is likely to be dissolved or discontinued in the same year after the accomplishment of such event or purpose, the assessment of such person can be made in same year.

4. In case of persons who are likely to transfer their assets to avoid tax [Section-175]

If it appears to the I.T.O. that any person is likely to sell, transfer, dispose of or to part with any of his assets with the intention to avoid payment of any tax liability, he may commence proceeding to assess the income for the period between the expiry of last previous year and the date of commencement of such proceedings.

5. In case of discontinued business [Section-176]

In case any business or profession is discontinued during an assessment year, the income of the period from the expiry of last previous year till the date of discontinuation may be assessed to tax in the current assessment year at the discretion of the assessing officer.
 
 
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