Shark Shipping International, a non-resident foreign company, is engaged in the business of operating a cruise ship in India and is eligible for…

Shark Shipping International, a non-resident foreign company, is engaged in the business of operating a cruise ship in India and is eligible for taxation on presumptive basis under section 44BBC. The ship operates between Chennai, Andaman and Lakshadweep and provides a complete package that includes dining and cabin facilities for the passengers. During the financial year ended on 31.03.2025, from the said operations it earned 50 crores. This 50 crores includes an amount of 10 crores received by various travel agents for booking the cruise on behalf of Shark Shipping International. The expenses for operating the cruise ships amounted to 15 crores. Based on the above information, the profit chargeable to tax in India under the head 'Profits and gains of business or profession' on presumptive basis for the assessment year 2025-26 in the case of Shark Shipping International works out to: