Clause 55 - Amendment of section 115VG. - Finance Bill, 2012

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 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. .