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TONNAGE TAXATION - Section 115V, 115VA, 115VB, 115VC, 115VD

Income Tax - Tax Liability in special Circumstances / Specific Cases - 01 - MEANING OF CERTAIN EXPRESSIONS USED IN COMPUTING INCOME UNDER SPECIAL PROVISIONS RELATING TO INCOME OF SHIPPING COMPANIES - SECTION- 115V Fishing vessel shall have the meanin .....

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a tonnage tax company computed in accordance with the provisions of this Chapter; Tonnage tax activities means the activities referred to in sub-sections (2) and (5) of section 115V-I; Tonnage tax company means a qualifying company in relation to wh .....

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QUALIFYING SHIPS SECTION- 115VA It is optional for a qualifying company, for the income from the business of operating qualifying ships,to compute its income as per tonnage tax scheme, or to compute its income as per normal provisions of the Act. It .....

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he scheme. OPERATING SHIPS SECTION- 115VB 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 .....

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LIFYING COMPANY SECTION- 115VC A company is a qualifying company if: It is an Indian company; The place of effective management (i.e., where decision take place) of the company is in India; It owns at least one qualifying ships; and The main object o .....

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