TMI BlogRelevant shipping income & core activities of a tonnage tax company - Section 115VIX X X X Extracts X X X X X X X X Extracts X X X X ..... s referred u/s 115VI(2) ( ii ) its profits from incidental activities referred u/s 115VI(3) However, where the aggregate of all such incomes specified in clause ( ii ) exceeds 0.25% of the turnover from core activities referred to in sub-section (2), such excess shall not form part of the relevant shipping income for the purposes of this Chapter and shall be taxable under the other provisions of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ule 11R , incidental activities shall be the following: - maritime consultancy charges income from loading or unloading cargo ship management fee or remuneration received for managed vessels and maritime education or recruitment fees. Income of non-qualifying ship to be computed as per normal provisions [Section 115VI(6)] (4) Where a tonnage tax company operates any ship, which is not a qualifying ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nsfer, in either case, had been made at the market value of such goods or services as on that date. However where, in the opinion of the Assessing Officer, the computation of the relevant shipping income in the manner herein before specified presents exceptional difficulties, the Assessing Officer may compute such income on such reasonable basis as he may deem fit. Note:- 'market value', i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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