TMI BlogTonnage Taxation - Section 115V, 115VA, 115VB, 115VC, 115VDX X X X Extracts X X X X X X X X Extracts X X X X ..... 58); 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 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 com ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... st one qualifying ship may opt for the scheme. The business of qualifying ship is to be 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 provisons. Operating Ships Section 115VB A company shall be regarded as operating a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... A ship is a qualifying ship if- It is a sea going ship or vessel of 15 net tonnage or more; It is a ship registered in India or having licence to operate 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 ser ..... X X X X Extracts X X X X X X X X Extracts X X X X
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