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TMI BlogTHE TENTH SCHEDULE - COMPUTATION OF PROFITS OF BUSINESS OF OPERATING A QUALIFYING SHIPX X X X Extracts X X X X X X X X Extracts X X X X ..... The tonnage income of the financial year in respect of each qualifying ship shall be the daily tonnage income of the ship multiplied by the number of days during which the ship is operated by the company as a qualifying ship. 3. The daily tonnage income of a qualifying ship having tonnage referred to in column (1) of the Table below shall be the amount specified in the corresponding entry in column (2) of the Table: TABLE Qualifying ship having net tonnage Amount of daily tonnage income (1) (2) up to 1,000 tons Rs. 46 for each 100 tons exceeding 1,000 tons but not more than 10,000 tons Rs. 460 plus Rs. 35 for each 100 tons exceeding 1,000 tons exceeding 10,000 tons but not more than 25,000 tons Rs. 3,610 plus Rs. 28 for each 100 tons exceed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on the first day of the financial year; and (b) the period beginning with the first day of the financial year and ending on the day immediately preceeding the date of business reorganisation, in any other case. 9. A company shall continue to be regarded as an operator of a qualifying ship even in the case of temporary cessation of operation of the ship. 10. A company shall not be regarded as the operator in respect of a ship if the ship has been chartered out by it on bareboat charter-cum-demise terms. 11. A ship shall not be considered as qualifying ship if it temporarily ceases to be a qualifying ship. 12. The Board may make rules for the purposes of computation of income from the business of operating a qualifying ship in respect of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tivities. (d) "core shipping activities" means,- (i) the activities relating to operation of a qualifying ship; (ii) the activities in connection with, or for the execution of, a service contract under which a tonnage tax company agrees to transport a specified quantity of specified products at a specified rate, between designated loading and discharging ports over a specified period by a qualifying ship; (iii) on-board or on-shore activities of qualifying ship comprising of fares and food and beverages consumed on board; and (iv) slot charters, space charters, joint charters, feeder services, or container box leasing, of a qualifying ship. (e) "permitted incidental shipping activity" means any activity relating to chartering out of a quali ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... chartered in by the qualifying shipping company wholly, or partly in an arrangement such as slot charter, space charter, or joint charter; and (v) the ship is not a,- (A) a seagoing ship or vessel if the main purpose for which it is used is the provision of goods or services of a kind normally provided on land; (B) fishing vessel as defined in clause (12) of section 3 of the Merchant Shipping Act, 1958; (C) factory ship including a vessel providing processing services in respect of the processing of the fishing produce; (D) pleasure craft, being a ship primarily used for the purposes sport or recreation; (E) harbour and river ferries; (F) offshore installations; and (G) a qualifying ship which is used as a fishing vessel for a period of mo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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