Income-tax (Eleventh Amendment) Rules, 2004 - 250/2004 - Income Tax

Income-tax (Eleventh Amendment) Rules, 2004 Notification No. 250 of 2004, dt. 29th Sep., 2004 S.O. 1067(E). In exercise of the powers conferredby section 295 of the Income-taxAct , 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend theIncome-tax Rules, 1962,namely: - 1. (1) These rules may be called the Income-tax (Eleventh Amendment) Rule*, 2004. (2 They shall come into force on the date of their publication in the Official Gazette. 2. In the Income-tax Rules, 1962,- (a) in Part II, after sub-part F, the following shall be inserted, namely: -"G.- Tonnage tax scheme for (b) shipping companies Application for exercising or renewing the option for tonnage tax scheme. 11 P. An application under sub-section (1) of section 115VP forexercising an option for the tonnage tax scheme or under sub-section (1) of section115VR for renewing the option for the tonnage tax scheme, as the case may be, shall be made in Form No. 65 and shall be verified in the manner provided therein."; (b) in Appendix II, after Form No. 64, the following Form shall be inserted, namely:- FORM N0.65 (See rule 11 P) Application for exercising/renewing option for the tonnage tax scheme under sub-section (1) of section 115VP or sub-section (1) of section 115VR of the Income-tax Act, 1961. To, The Joint Commissioner, Sir, 1. on behalf of__________, hereby apply for * exercising /renewing the option for the tonnage tax [Name of the company] scheme in accordance with the provisions of *sub-section (1)of section 115VP or sub-section (1) of section 115VR of the Income-tax Act, 1961 with effect from the assessment year........... 2. A statement of particulars for the purpose of *exercising/renewing the optionis enclosed as per Annexure to this Form. Verification** I,....................................(full name in block letters), do hereby declare that what is stated in this application and the Annexure hereto is true to the best of my information and belief. I further confirm that: (1) ________________ isan Indian company within the meaning of clause [Name of the company] (26) of section 2 of the Income-tax Act, 1961. (2) The place of effective management of the company within the meaning of section 115VC of the Income-tax Act, 1961 is in India. (3) The company owns...... qualifying ship(s). (4) The main object of the company is operation of ships. Copy of Memorandum of Association of the company is enclosed. 2. I further declare "that I am making this application in my capacity as and I am also competent to make this application and verify it. Nameand Signature Place: Date: Note 1.This application should be filed with the JointCommissioner of Income-tax having jurisdiction over the applicant company. 2.All the columns in the application must be filled in. Part A and Part B (if applicable) of the Annexure must be filled in, failing which the application shall be treated as incomplete. 3.* Strike out whichever is not applicable. 4.** Before signing the verificationevery person should satisfy himself that the application, the accompanying statements and documents are, to the best of his knowledge and belief, correct and complete in all respects. Any person making any false statement shall be liable to be prosecuted under section 277 of the Income-tax Act, 1961. 5. The application shall besigned and verified on behalf of the company by the managing director of the company, or where for any unavoidable reason such managing director is not able to sign and verify this Form, or where there is no managing director, by any director: Provided that: (a) where the company is being wound up, whether under the orders of a court or otherwise, or where any person has been appointed as the receiver of any assets of the company, the statement shall be signed and verified by the liquidator referred to in sub-section (1) of section 178 of the Income-tax Act; (b) where the management of the company has been taken over by the Central Government or any State Government under any law, the statement of the company shall be signed and verified by the principal officer thereof. ANNEXURE Statement of particulars to be furnished for exercising/renewing option for tonnage tax scheme PART A 1. Name of the company in full (in block letters) 2. Permanent Account Number 3. Address of the Registered Office 4. Address (es) of branch office (es) 5. Date of incorporation (enclose a copy of the certificate of incorporation) 6. Date on which thecompany became a qualifying company [to be given only in case of a company which becomes a qualifying company after the initial period] (enclose evidence in support of the claim) 7. Details of ships owned or chartered by the company (i) Owned ships Sl. No. Name of the ship Net tonnage Flag Type of ship Whether qualifying or not 1 2 3 4 5 6 (ii) Ships chartered inon bareboat charter-cum-demise terms Sl No. Name of the ship Net tonnage Flag Type of the ship Date of commencement of the charter Period of the charter Reference No. of DG (Shipping) approval Whether qualifying or not 1 2 3 4 5 6 7 8 9 (iii) Ships chartered in on bareboat charter terms for more than three years Sl No. Name of the ship Net tonnage Flag Type of the ship Date of commencement of the charter Period of the charter Reference No. of DG (Shipping) approval Whether qualifying or not 1 2 3 4 5 6 7 8 9 (iv) Ships chartered in on bareboat charter terms for less than three years Sl No. Name of the ship Net tonnage Flag Type of the ship Date of commencement of the charter Period of the charter Reference No. of DG (Shipping) approval Whether qualifying or not 1 2 3 4 5 6 7 8 9 (v) Ships chartered out on bareboat charter-cum-demise terms Sl. No. Name of the ship Net tonnage Date of commencement of the charter Period of charter Whether qualifying or not 1 2 3 4 5 6 (vi) Ships chartered out on bareboat charter terms for more than threeyears Sl. No. Name of the ship Net tonnage Date of commencement of the charter Period of charter Whether qualifying or not 1 2 3 4 5 6 (vii) Ships chartered out on bareboat charter terms for less than three years Sl. No. Name of the ship Net tonnage Date of commencement of the charter Period of charter Whether qualifying or not 1 2 3 4 5 6 (viii) Other ships chartered m [other than those referred to at (ii), (iii) and (iv) above Sl No. Name of the ship Net tonnage Flag Type of the ship Date of commencement of the charter Period of the charter Reference No. of DG (Shipping) approval Whether qualifying or not 1 2 3 4 5 6 7 8 9 8. Name(s) and address(es) of directors of the applicant company PART-B (Statement of particulars to be furnished only in case of renewing of option for tonnage tax scheme) 1. Date(s) of exercising earlier option(s) alongwith date(s)of order approving the option [enclose a copy of the order(s), 2. Details regarding earlier options: (i) Whether the company ceased to be a qualifying company at any time during earlier option(s) (ii) Whether any default was made in complying with the provisions of section 115VT or section 115VU or section 115W (if yes, give details) (iii) Whether the company was excluded from the scheme under section 115VZC (if yes, give details) (iv) Whether the company voluntarily opted out of the tonnage tax scheme (if yes, give details) (v) Whether there was an amalgamation of the company with a company, which was a qualifying company on 1 st October, 2004 and had not exercised the option within the initial period. Place:-- -- -- -- -- --- -- -- Date:-- -- -- -- -- -- -- -- - -- -- -- -- --- -- -- -- -- -- -- -- **Signed Note: 1. * Strike out whichever is not applicable. 2. ** This Annexure has to be signed by the person competent to sign the application. 3. "Initial period" means the period after the 30 th day of September, 2004 but before the 1 st day of January, 2005. 4. Part-A is to be filled up both in case of exercising the option and while renewing the option. However, Part-B is to be filled up only in cases where an application is being filed for renewing the option. 5. In respect of each of the ships, details of which are being given in item 7, a copy of the following certificates, as may be relevant, in case of each qualifying ship should be enclosed: (i) Certificate of registration under the Merchant Shipping Act, 1958 and certificate under Merchant Shipping (Tonnage Measurement of Ship) Rules, 1987 made under the Merchant Shipping Act, 1958; (ii) Certificate of registration under the Merchant Shipping Act, 1958 and international tonnage certificate issued under the provisions of the Convention on Tonnage Measurement of Ships, 1969 as specified in the Merchant Shipping (Tonnage Measurement of Ship) Rules, 1987 made under the Merchant Shipping Act, 1958; (iii) Permission obtained from the Director-General of Shipping to charter in a ship in case of ships registered outside India.' Sd/- (Deepika Mittal) Under Secretary to the Government of India Note.- The principal rules were published vide Notification No.S.0.969(E), dated the 26 th March, 1962 and last amended by Income-tax (Tenth Amendment) Rules, 2004 vide Notification S.O. No-980 (E) dated 2 nd September, 2004.