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TONNAGE TAXATION

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 meaning assigned to it in clause (12) of section of the Merchant Shipping Act, 1958 (44 of 1958); Qualifying 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 .....

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UALIFYING 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. OPERATING SHIPS SECTION- 115VB For the To compute its income as per normal provisions of the Act. purposes of this Chapter, a company shall be regarded as operating a ship if it operates any ship whether owned or chartered by it and includes a case wher .....

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