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Tonnage Tax System (TTS) for Taxation of Income Derived from Shipping Activities

Dated:- 20-3-2015 - The Government has introduced Tonnage Tax System (TTS). The Finance Act (No.2), 2004 introduced by an Indian Company. A new Chapter XII-G (containing sections from 115V to 115VZC) was inserted in the Income Tax Act 1961 to provide for special provisions relating to taxation of shipping companies with effect from the assessment year 2005-06. The Tonnage Tax System is an optional scheme for qualifying Indian shipping company. Under the scheme, an existing qualifying company was .....

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