Amendment of section 115VG.
55. In section 115VG of the Income-tax Act, in sub-section (3), for the Table, the following Table shall be substituted with effect from the 1st day of April, 2013, namely:—
“TABLE
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Qualifying ship having net tonnage
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Amount of daily tonnage income
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(1)
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(2)
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up to 1,000
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Rs. 70 for each 100 tons
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exceeding 1,000 but not more than 10,000
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Rs. 700 plus Rs. 53 for each 100 tons exceeding 1,000 tons
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exceeding 10,000 but not more than 25,000
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Rs. 5,470 plus Rs. 42 for each 100 tons exceeding 10,000 tons
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exceeding 25,000
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Rs. 11,770 plus Rs. 29 for each 100 tons exceeding 25,000 tons.”.
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Notes on Clauses:
Clause 55 of the Bill seeks to amend section 115VG of the Income-tax Act relating to computation of tonnage income.
The existing Table in sub-section (3) of the aforesaid section provides for the amount of daily tonnage income of a qualifying ship.
It is proposed to substitute the aforesaid Table so as to increase the amount of daily tonnage income of a qualifying ship.
This amendment will take effect from 1st April, 2013 and will, accordingly, apply in relation to the assessment year 2013-2014 and subsequent assessment years.
