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CA Vishnu Ram
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Asked: 2022-02-18T22:26:56+05:30 In:

What is tonnage tax?

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What is tonnage tax?
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    1. Explainer

      ​​​​​​TONNAGE TAX​ In case of a company, the income from the business of operating qualifying ships, may, at its option, be computed in accordance with the provisions of Chapter XII-G. Thus, tonnage taxation is a scheme of presumptive taxation wherein notional income arising from operation of shipsRead more

      ​​​​​​TONNAGE TAX​

      • In case of a company, the income from the business of operating qualifying ships, may, at its option, be computed in accordance with the provisions of Chapter XII-G.
      • Thus, tonnage taxation is a scheme of presumptive taxation wherein notional income arising from operation of ships is determined on basis of tonnage of ships.

      Special provisions relating to income of shipping companies

      • Section – 115V : Definitions.
      • Section – 115VA : Computation of profits and gains from the business of operating qualifying ships.
      • Section – 115VB : Operating ships.
      • Section – 115VC : Qualifying company.
      • Section – 115VD : Qualifying ship.
      • Section – 115VE : Manner of computation of income under tonnage tax scheme
      • Section – 115VF : Tonnage income.
      • Section – 115VG : Computation of tonnage income.
      • Section – 115VH : Calculation in case of joint operation, etc.
      • Section – 115V-I : Relevant shipping income.
      • Section – 115VJ : Treatment of common costs.
      • Section – 115VK : Depreciation.
      • Section – 115VL : General exclusion of deduction and set off, etc.
      • Section – 115VM : Exclusion of loss.
      • Section – 115VN : Chargeable gains from transfer of tonnage tax assets.
      • Section – 115V-O : Exclusion from provisions of section 115JB.
      • Section – 115VP : Method and time of opting for tonnage tax scheme.
      • Section – 115VQ : Period for which tonnage tax option to remain in force.
      • Section – 115VR : Renewal of tonnage tax scheme.
      • Section – 115VS : Prohibition to opt for tonnage tax scheme in certain cases.
      • Section – 115VT : Transfer of profits to Tonnage Tax Reserve Account.
      • Section – 115VU : Minimum training requirement for tonnage tax company.
      • Section – 115VV : Limit for charter in of tonnage
      • Section – 115VW : Maintenance and audit of accounts.
      • Section – 115VX : Determination of tonnage.
      • Section – 115VY : Amalgamation.
      • Section – 115VZ : Demerger.
      • Section – 115VZA : Effect of temporarily ceasing to operate qualifying ships.
      • Section – 115VZB : Avoidance of tax.
      • Section – 115VZC : Exclusion from tonnage tax scheme.
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