India:
Budget 2012: Highlights - Tonnage Tax
10 December 2012
D.M. Harish & Co.
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The Finance Bill, 2012 seeks to amend Sec. 115VG of the
Income-tax Act relating to computation of tonnage income.
The existing Table in sub-Sec. (3) of the aforesaid Sec.
provides for the amount of daily tonnage income of a qualifying
ship.
It is proposed to substitute the Table in order to increase the
amount of daily tonnage income of a qualifying ship w.e.f 1st April
2013.
The change in the table being:
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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