Tonnage Taxation - Section 115V, 115VA, 115VB, 115VC, 115VD

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..... company means a company referred to in Section 115VC ; Qualifying ship means a ship referred to in Section 115VD ; Tonnage income means the income of 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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..... e considered as a separate business and separate accounts are to be maintained for such business. The profits of business of operating qualifying ship will not be taken into consideration for the purpose of MAT provisions. 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 t .....

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..... perate in India; and A valid certificate in respect of such ship indicating its net tonnage is in force, But does not include A sea going ship or vessel if the main purpose for which it is used is the provisions of goods or services of a kind normally provided on land; Fishing vessels; Factory ship i.e. the ship providing processing services in respect of fishing produce; Pleasure crafts i.e. the .....

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