Tonnage taxation: Revised daily tonnage income rates for qualifying ships under the Finance Act take effect for eligible vessels. Section 115VG(3) of the Income tax Act is amended by substituting the Table with a new Schedule, effective from the first day of April, 2013, prescribing tiered daily tonnage income for qualifying ships by net tonnage bands: a specified rate for ships up to 1,000 tons; a base amount plus a per 100 ton addition for tonnage exceeding 1,000 up to 10,000; a higher base plus a per 100 ton addition for tonnage exceeding 10,000 up to 25,000; and a further base plus per 100 ton addition for tonnage exceeding 25,000.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Tonnage taxation: Revised daily tonnage income rates for qualifying ships under the Finance Act take effect for eligible vessels.
Section 115VG(3) of the Income tax Act is amended by substituting the Table with a new Schedule, effective from the first day of April, 2013, prescribing tiered daily tonnage income for qualifying ships by net tonnage bands: a specified rate for ships up to 1,000 tons; a base amount plus a per 100 ton addition for tonnage exceeding 1,000 up to 10,000; a higher base plus a per 100 ton addition for tonnage exceeding 10,000 up to 25,000; and a further base plus per 100 ton addition for tonnage exceeding 25,000.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
