S. P. S Pannu
New Delhi, Aug. 22: The shipping ministry will take up with the finance ministry the issue of dredging companies losing their earlier tax concessions in the new budget.
Until now dredging companies enjoyed the same benefits as the shipping firms under section 33 AC of the Income Tax Act, which extended tax exemption benefits to savings undertaken for expanding the existing fleet. These funds had to be reinvested for the acquisition of new vessels within eight years
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