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Knowledge Marine & Engineering Works (KMEW) announced on December 23 that it has received formal approval from the Joint Commissioner of Income Tax, Mumbai, to transition to the Tonnage Tax Scheme under Section 115VP (3) of the Income Tax Act.

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KMEW receives approval for tonnage tax scheme transition
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KMEW receives approval for tonnage tax scheme transition

The approval is set for a 10-year duration, commencing from the Assessment Year (A.Y.) 2026-27.

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