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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 operating qualifying ships giving rise to income referred to in sub-section (1) of section 115V-I shall be considered as a separate business (hereafter in this Chapter referred to as the tonnage tax business) distinct from all other activities or business c .....

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