Prohibition to opt for tonnage tax scheme in certain cases - Section 115VS - Income Tax - Ready Reckoner - Income Tax

Prohibition to opt for tonnage tax scheme in certain cases - Section 115VS A qualifying company, which, on its own, opts out of the tonnage tax scheme or makes a default in complying with the provisions of section 115VT relating to transfer of profit to tonnage tax reserve or section 115VU relating to training requirement or section 115VV relating to limit for character in tonnage or whose option has been excluded from tonnage tax scheme in pursuance of an order made under section 115VZC(1) due to abuse of tonnage tax scheme, shall not be eligible to opt for tonnage tax scheme for a period of ten years from the date of opting out or default or order, as the case may be.