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THE TENTH SCHEDULE - COMPUTATION OF PROFITS OF BUSINESS OF OPERATING A QUALIFYING SHIP

..... siness of operating a qualifying ship for a financial year shall be determined in accordance with the formula- A + B -C Where A = the total tonnage income of the financial year ; B = the aggregate of the amounts referred to in sub-section (2) of section 31; and C = the amount of negative profit computed under this Schedule in respect of the business of operating a qualifying ship , 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 tonna .....

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..... iation) attributable to the business of operating a qualifying ship shall be determined in the prescribed manner. 8. The successor in a business reorganisation of the business of operating a qualifying ship shall be allowed a deduction in respect 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 .....

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..... for a stipulated period on terms which give the charterer possession and control of the ship, including the right to appoint the master 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 .....

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..... ing 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 seagoing ship or vessel if the main purpose for which it is used is the provision of goods or services of a kind normally provided .....

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