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of <h1>India-Poland 1956 Agreement: Tax Exemption for Freight Earnings on Ships Operating Between Both Nations Explained.</h1> The circular clarifies that the 1956 agreement between the governments of India and the Polish People's Republic, revised in 1960, maintains an exemption from income tax on freight earnings for ships operating between the two countries. This exemption applies to ships and time-chartered vessels of both nations at respective ports. However, freight earnings from cargos carried to third countries are subject to taxation. The implementation of this taxation policy began on April 1, 1979, without reopening past assessments. Further instructions may be issued if necessary.
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