TMI BlogRelevant shipping income & core activities of a tonnage tax company - Section 115VIX X X X Extracts X X X X X X X X Extracts X X X X ..... from core activities referred u/s 115VI(2) ( ii ) its profits from incidental activities referred u/s 115VI(3) However, where the aggregate of all such incomes specified in clause ( ii ) exceeds 0.25% of the turnover from core activities referred to in sub-section (2), such excess shall not form part of the relevant shipping income for the purposes of this Chapt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es shall be the activities which are incidental to the core activities and which may be prescribed for the purpose. As per the Rule 11R , incidental activities shall be the following: - maritime consultancy charges income from loading or unloading cargo ship management fee or remuneration received for managed vessels and maritime education or recruitment fees. Income of no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d to the market value of such goods or services as on the date of the transfer, then, the relevant shipping income under this section shall be computed as if the transfer, in either case, had been made at the market value of such goods or services as on that date. However where, in the opinion of the Assessing Officer, the computation of the relevant shipping income in the manner herein before ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essing Officer shall, in computing the relevant shipping income of the tonnage tax company for the purposes of this Chapter, take the amount of income as may reasonably be deemed to have been derived therefrom. Note:- In case the relevant shipping income of a tonnage tax company is a loss, then, such loss shall be ignored for the purposes of computing tonnage income. - Manuals - Ready reck ..... X X X X Extracts X X X X X X X X Extracts X X X X
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