Latest Expert Exchange Queries

Make your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: Central Excise rule to resale the machines to a new company :: articles on VAT and GST in India :: cpt :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: empanelment :: VAT RATES :: due date for vat payment
 
 
Indirect Tax »
 Why rejig of financial year could upset your tax planning
 The threat of harsh penalty should not impede tax compliance
 What are the tax exemption limits for allowances, reimbursements paid to employees? Find out
 High-income taxpayers to get priority treatment and extra facilities
 GST input tax credit rules: How taxpayers will benefit from ITC
 More complications in filing income tax returns
 Guidelines for selection of cases for scrutiny during the financial-year 2017-2018
 CBDT asks Income Tax officials to pull their socks up as revenue collection not satisfactory
 Nearly 15 pct growth in direct tax collections for fiscal 2017-18
 Transformation of indirect taxation landscape
 Plenty of hiccups' expected as India rolls out new tax reform

Income-tax smooth sailing for seafarers on Indian flag vessels
September, 15th 2014

Better days are ahead for some 50,000 seafarers working on Indian flag ships, as the Government has agreed to change the norms of calculation of income-tax for them.

The new structure, once in place, will help seafarers posted on Indian flag ships save their entire income-tax liability. “The Finance Ministry has agreed, on a request from the Road Transport, Highways and Shipping Ministry, to calculate the days of non-residentship for seafarers posted on Indian flag ships from the date of embarkation from any Indian port,” a senior government official told BusinessLine.

A formal notification is expected soon. Currently, when a seafarer starts the journey, his/her days of non-residentship starts only from the date on which the ship starts sailing in foreign waters. For example, if a ship is going from JNPT in Mumbai to an African country, hopping at various ports in Karnataka, Goa and Kerala before venturing into international waters from Kochi, the days spent on the Indian coastline are not taken into consideration for granting non-resident status. Now, things will change.

Abdulgani Y Serang, General Secretary-cum-Treasurer of National Union of Seafarers of India (NUSI), said: “With the new guidelines, the period of coastal waters will also be taken into consideration in addition to the foreign water period. Earlier, only the foreign water period was taken for calculation of the NRI (non-resident Indian) status. The seafarers will not have to pay income-tax if during a financial year they are more than 183 days on board the foreign going Indian flag ship. This will mean a straight 30 per cent jump in savings for the seafarers.”

He hoped this would help Indian companies retain quality seafarers for Indian flag ships. Indian seafarers prefer to work on foreign flag ships, which give them better remuneration with no tax liability.

This is the second significant initiative in the shipping sector taken by the Modi Government. In July, the Government lifted restrictions on owning and operating foreign flag ships by Indian shipping lines. This enables any Indian company to register a ship in a foreign jurisdiction, yet operate those from here. This move is to attract foreign investments in the sector. It will also allow Indian shipping lines to operate foreign flag ships without setting up subsidiaries abroad, while the Government here can earn money through taxes.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Internet Marketing Website Marketing Internet Promotion Internet Marketing India Website Marketing India Internet Promotion India Internet Marketing Consultancy Website Marketing Consulta

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions