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MANNER OF COMPUTATION OF INCOME UNDER TONNAGE TAX SCHEME SECTION- 115VE

Income Tax - Tax Liability in special Circumstances / Specific Cases - 02 - A tonnage tax company engaged in the business of operating qualifying ships shall compute the profits from such business under the tonnage tax scheme. The business of operati .....

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arried on by the company. The profits referred to in sub-section (1) shall be computed separately from the profits and gains from any other business. The tonnage tax scheme shall apply only if an option to that effect is made in accordance with the p .....

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