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Income Tax

Home Acts & Rules Income Tax Act Income-tax Act, 1961 Chapter XII-G = SPECIAL PROVISIONS RELATING TO INCOME OF SHIPPING COMPANIES Chapters List This

SPECIAL PROVISIONS RELATING TO INCOME OF SHIPPING COMPANIES - Income-tax Act, 1961

Chapter: XII-G
SPECIAL PROVISIONS RELATING TO INCOME OF SHIPPING COMPANIES
Part: A
Meaning of certain expressions
Section 115V	:	Definitions
Part: B
Computation of tonnage income from business of operating qualifying ships
Section 115VA	:	Computation of profits and gains from the business of operating qualifying ships
Section 115VB	:	Operating ships
Section 115VC	:	Qualifying company
Section 115VD	:	Qualifying ship
Section 115VE	:	Manner of computation of income under tonnage tax scheme
Section 115VF	:	Tonnage income
Section 115VG	:	Computation of tonnage income
Section 115VH	:	Calculation in case of joint operation, etc.
Section 115VI	:	Relevant shipping income
Section 115VJ	:	Treatment of common costs
Section 115VK	:	Depreciation
Section 115VL	:	General exclusion of deduction and set off, etc.
Section 115VM	:	Exclusion of loss
Section 115VN	:	Chargeable gains from transfer of tonnage tax assets
Section 115VO	:	Exclusion from provisions of section 115JB
Part: C
Procedure for option of tonnage tax scheme
Section 115VP	:	Method and time of opting for tonnage tax scheme
Section 115VQ	:	Period for which tonnage tax option to remain in force
Section 115VR	:	Renewal of tonnage tax scheme
Section 115VS	:	Prohibition to opt for tonnage tax scheme in certain cases
Part: D
Conditions for applicability of tonnage tax scheme
Section 115VT	:	Transfer of profits to Tonnage Tax Reserve Account
Section 115VU	:	Minimum training requirement for tonnage tax company
Section 115VV	:	Limit for charter in of tonnage
Section 115VW	:	Maintenance and audit of accounts
Section 115VX	:	Determination of tonnage
Part: E
Amalgamation and demerger of shipping companies
Section 115VY	:	Amalgamation
Section 115VZ	:	Demerger
Part: F
Miscellaneous
Section 115VZA	:	Effect of temporarily ceasing to operate qualifying ships
Part: G
Provisions of this Chapter not to apply in certain cases
Section 115VZB	:	Avoidance of tax
Section 115VZC	:	Exclusion from tonnage tax scheme

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