Amendment of Section 115vg
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
Qualifying ship having net tonnage
Amount of daily tonnage income
(1)
(2)
up to 1,000
Rs. 70 for each 100 tons
exceeding 1,000 but not more than 10,000
Rs. 700 plus Rs. 53 for each 100 tons exceeding 1,000 tons
exceeding 10,000 but not more than 25,000
Rs. 5,470 plus Rs. 42 for each 100 tons exceeding 10,000 tons
exceeding 25,000
Rs. 11,770 plus Rs. 29 for each 100 tons exceeding 25,000 tons.".