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.
