Surcharge exemption clarified: non-resident taxpayers charged under section 172(4) owe no surcharge on occasional shipping profits. The circular clarifies that, following amendment by the Taxation Laws (Amendment) Act, 1991 and the Finance Act, 1990, no surcharge is payable by a non-resident taxpayer where income-tax is charged in respect of profits of non-residents from occasional shipping business under the relevant Income-tax Act provision, and that paragraphs 3 and 4 of Circular No. 591 dated 30-1-1991 should be read as modified accordingly.
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Provisions expressly mentioned in the judgment/order text.
Surcharge exemption clarified: non-resident taxpayers charged under section 172(4) owe no surcharge on occasional shipping profits.
The circular clarifies that, following amendment by the Taxation Laws (Amendment) Act, 1991 and the Finance Act, 1990, no surcharge is payable by a non-resident taxpayer where income-tax is charged in respect of profits of non-residents from occasional shipping business under the relevant Income-tax Act provision, and that paragraphs 3 and 4 of Circular No. 591 dated 30-1-1991 should be read as modified accordingly.
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