TMI BlogTHE TENTH SCHEDULE - COMPUTATION OF PROFITS OF BUSINESS OF OPERATING A QUALIFYING SHIPX X X X Extracts X X X X X X X X Extracts X X X X ..... hip , for any financial year immediately preceeding the relevant financial year. 2. The tonnage income of the financial year in respect of each qualifying ship shall be the daily tonnage income of the ship multiplied by the number of days during which the ship is operated by the company as a qualifying ship. 3. The daily tonnage income of a qualifying ship having tonnage referred to in column (1) of the Table below shall be the amount specified in the corresponding entry in column (2) of the Table: TABLE Qualifying ship having net tonnage Amount of daily tonnage income (1) (2) up to 1,000 tons Rs. 46 for each 100 tons exceeding 1,000 tons but not more than 10,000 tons ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... spect of the negative profit determined in the case of the predecessor for,- (a) the financial year immediately preceeding the financial year in which the business reorganisation has taken place if the reorganisation is on the first day of the financial year; and (b) the period beginning with the first day of the financial year and ending on the day immediately preceeding the date of business reorganisation, in any other case. 9. A company shall continue to be regarded as an operator of a qualifying ship even in the case of temporary cessation of operation of the ship. 10. A company shall not be regarded as the operator in respect of a ship if the ship has been chartered out by it on bareboat charter-cum-demise terms. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ster and crew; (b) "bareboat charter-cum-demise" means a bareboat charter where the ownership of the ship is intended to be transferred after a specified period to the company to whom it has been chartered; (c) "business of operating qualifying ships" means the core shipping activities and the permitted incidental shipping activities. (d) "core shipping activities" means,- (i) the activities relating to operation of a qualifying ship; (ii) the activities in connection with, or for the execution of, a service contract under which a tonnage tax company agrees to transport a specified quantity of specified products at a specified rate, between designated loading and discharging ports over a specif ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... company is to carry on the business of operating ships. (h) "qualifying ship" means a ship, which fulfills all the following conditions namely:- (i) it is a sea going ship or vessel of fifteen net tonnage or more; (ii) it is a ship registered or licensed under, or for the purposes of the Merchant Shipping Act, 1958; (iii) a certificate indicating the net tonnage of the ship has been issued under, or for the purposes of, the Merchant Shipping Act, 1958 and is in force; (iv) it is owned or chartered in by the qualifying shipping company wholly, or partly in an arrangement such as slot charter, space charter, or joint charter; and (v) the ship is not a,- (A) a se ..... X X X X Extracts X X X X X X X X Extracts X X X X
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