Mumbai: Indian ship owners may be liable for a 20% increase in taxes if the Bombay High court approves a proposal by Income Tax department to classify income from charters as money got from property rental. The proposal came about in July 2006 when government officials amended section 194 of the law to view ship chartering in the same vein as rental of industrial properties.
Shipowners have yet to pay the increased tax as they were granted a waiver pending adjudication of the proposal, which will be decided this week. [23/04/07]
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