9911796707
TMI BlogAudit report under clause (ii) of section 115VW of Income-Tax Act, 1961X X X X Extracts X X X X X X X X Extracts X X X X ..... e limit of 49% under section 115VV. : 8. Relevant shipping income : (i) profits from core activities referred to in sub-section (2) of section 115V-I, and (ii) whether profits from incidental activities exceed 0.25 per cent of the turnover from core activities. 9. Tonnage tax reserve account : (i) Certify the book profit (ii) Minimum reserve created (iii) Reserve utilized in the manner laid down under sub-section(3) of section 115VT 10. Computation of tonnage income under section 115VG *Name of the qualifying ship Net tonnage/ deemed tonnage Owned / chartered Kind of charter** Daily tonnage income No. of days operated Tonnage income (5 x 6) 1 2 3 4 5 6 7 11. Details of transactions by the company with related part ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Charter, Voyage Charter, Bare Boat Charter and Bare Boat Charter cum demise basis. Declaration *I/We report that the statutory audit of ………………….. ………………………. …………………… (mention name, address and permanent account number of the company) was conducted by *me/us/M/s....................................................................... *I/We have obtained the information and explanations which to the best of *my/our knowledge and belief were necessary for the purposes of ascertaining the profits of the said assessee derived from the business of operating qualifying ships. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... worksheet appearing after this note). (ii) In the illustration, the parameters of a typical container vessel of Shipping Corporation of India (SCI) 'R. Gandhi' has been considered. This vessel operates on either of the three sectors operated by SCI, viz., INDFEX Service (Far East to India), ISE Service (UK Continent to India) and Indamex Service (USA to India). (iii) One voyage covers loading at India, discharge at various port en route and at the final destination, as well as loading at these ports for discharge at India. This complete cycle is called one voyage and the vessel can load 1534 containers of TEUs (twenty foot equivalent unit) on outward leg, i.e., from India to final destination & 1534 containers on the inward leg, i.e., fr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ried Container carriage Voyages completed Yearly traffic Equivalent of one NT in TEUs NT 360 49 9749 1534 3068 7.35 22540 0.43251 C. INDAMEX Service (USA to India) Name of Vessel R. Gandhi Capacity @ 14 MT Homogenus TEUs Operating days Round voyage days Theoretical volumes carried Container carriage Voyages completed Yearly traffic Equivalent of one NT in TEUs NT 360 56 9749 1534 3068 6.43 19723 0.49429 Average of 1NT in TEUs = A + B + C 1.23574 ------------- ------------ = 0.41192 3 3 0.41 NT = 1 slot 1.025 NT 2.5 slot Therefore, 1 NT = 2.5 TEU 4. Formula for conversion of Cargo carried (by volume and weight) into NT (Space Charter) (a) The quantum of cargo that can be carried by a break-bulk vessel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .e., maximum volume permissible or cargo of maximum 18675 metric tons, i.e., maximum weight permissible. Thus conversion of cargo carried to net tons (NT) can be worked out depending on whether the carrying capacity is limited by volume or weight. The working have been done on the basis of what a normal breakbulk vessel can carry during a period of one year. A. Cargo restricted by volume - In each leg i.e., from India - UK Continent and from UK-Continent to India, the vessel can carry maximum bale capacity of 26186 cbm. Thus in one voyage, the vessel can carry 2 x 26186 cbm. Therefore, in 3 voyages, the vessel would carry 2 x 26186 x 3 cbm bale capacity. (i) Loadable bale capacity 26186 x 2 per voyage : 52372 cbm (ii) Net tonnage of s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hip Management fees/remuneration for managed vessels - Fees or remuneration earned for providing services of operation and maintenance of vessels on behalf of other ship owners/agencies. (d) Maritime Education/Recruitment fees - Training fees charged/earned by a shipping company by extending its surplus training facility to other personnel in the shipping industry and fees earned from foreign ship owners for rendering services by way of screening, interviewing, short-listing and recruitment of floating staff and officers. 6. Calculation of average of net tonnage for computing the limit for charter-in (illustrative example): Ship No. Ownership/type of operation Net Tonnage No. of days Ton-days Operation Charter-in 1. Qualified sh ..... X X X X Extracts X X X X X X X X Extracts X X X X
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