Section 115VJ of Income Tax Act 1961
Treatment of common costs (1) Where a tonnage tax company also carries on any business or activity other than the tonnage tax business, common costs attributable to the tonnage tax business shall be determined on a reasonable basis. (2) Where any asset, other than a qualifying ship, is not exclusively used for the tonnage tax […]
Section 115V-I of Income Tax Act 1961
Relevant shipping income. (1) For the purposes of this Chapter, the relevant shipping income of a tonnage tax company means— (i) its profits from core activities referred to in sub-section (2); (ii) its profits from incidental activities referred to in sub-section (5): Provided that where the aggregate of all such incomes specified in clause (ii) exceeds […]
Section 115VH of Income Tax Act 1961
Calculation in case of joint operation, etc (1) Where a qualifying ship is operated by two or more companies by way of joint interest in the ship or by way of an agreement for the use of the ship and their respective shares are definite and ascertainable, the tonnage income of each such company shall […]
Section 115VG of Income Tax Act 1961
Computation of tonnage income (1) The tonnage income of a tonnage tax company for a previous year shall be the aggregate of the tonnage income of each qualifying ship computed in accordance with the provisions of sub-sections (2) and (3). (2) For the purposes of sub-section (1), the tonnage income of each qualifying ship shall […]
Section 115VF of Income Tax Act 1961
Tonnage income Subject to the other provisions of this Chapter, the tonnage income shall be computed in accordance with section 115VG and the income so computed shall be deemed to be the profits chargeable under the head “Profits and gains of business or profession” and the relevant shipping income referred to in sub-section (1) of section 115V-I shall not […]
Section 115VE of Income Tax Act 1961
Manner of computation of income under tonnage tax scheme (1) A tonnage tax company engaged in the business of operating qualifying ships shall compute the profits from such business under the tonnage tax scheme. (2) The business of operating qualifying ships giving rise to income referred to in sub-section (1) of section 115V-I shall be considered as […]
Section 115VD of Income Tax Act 1961
Qualifying ship For the purposes of this Chapter, a ship is a qualifying ship if— (a) it is a sea going ship or vessel of fifteen net tonnage or more; (b) it is a ship registered under the Merchant Shipping Act, 1958 (44 of 1958), or a ship registered outside India in respect of which […]
Section 115VC of Income Tax Act 1961
Qualifying company. For the purposes of this Chapter, a company is a qualifying company if— (a) it is an Indian company; (b) the place of effective management of the company is in India; (c) it owns at least one qualifying ship; and (d) the main object of the company is to carry on the business […]
Section 115VB of Income Tax Act 1961
Operating ships For the purposes of this Chapter, a company shall be regarded as operating a ship if it operates any ship whether owned or chartered by it and includes a case where even a part of the ship has been chartered in by it in an arrangement such as slot charter, space charter or […]
Section 115VA of Income Tax Act 1961
Computation of profits and gains from the business of operating qualifying ships Notwithstanding anything to the contrary contained in sections 28 to 43C, in the case of a company, the income from the business of operating qualifying ships, may, at its option, be computed in accordance with the provisions of this Chapter and such income shall be deemed […]