Kailash Rajwadkar

MUMBAI, FEB 4: Shipping companies in India will have to make a choice between section 33 AC and the tonnage tax regime which is now on anvil.

Industry sources believe that Indian shipping companies may end up paying up more tax at least in the initial years of the new regime considering the benefits available under section 33 AC of the income tax.

Companies including GE Shipping are under MAT paying 7.5 per cent on their profits while Essar Shipping did not have to pay any tax on their shipping income, thanks to section 33 AC. ......
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