March 5, 2018
Published by Law@HostBooks at March 5, 2018
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Section – 115VZC : Exclusion from tonnage tax scheme

115VZC. (1) Where a tonnage tax company is a party to any transaction or arrangement referred to in sub-section (1) of section 115VZB, the Assessing Officer shall, by an order […]
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March 5, 2018
Published by Law@HostBooks at March 5, 2018
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Section – 115VZB : Avoidance of tax

115VZB. (1) Subject to the provisions of this Chapter, the tonnage tax scheme shall not apply where a tonnage tax company is a party to any transaction or arrangement which […]
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March 5, 2018
Published by Law@HostBooks at March 5, 2018
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Section – 115VZA : Effect of temporarily ceasing to operate qualifying ships

115VZA. (1) A temporary cessation (as against permanent cessation) of operating any qualifying ship by a company shall not be considered as a cessation of operating of such qualifying ship […]
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March 5, 2018
Published by Law@HostBooks at March 5, 2018
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Section – 115VZ : Demerger

115VZ. Where in a scheme of demerger, the demerged company transfers its business to the resulting company before the expiry of the option for tonnage tax scheme, then, subject to […]
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March 5, 2018
Published by Law@HostBooks at March 5, 2018
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Section – 115VY : Amalgamation

115VY. Where there has been an amalgamation of a company with another company or companies, then, subject to the other provisions of this section, the provisions relating to the tonnage […]
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March 5, 2018
Published by Law@HostBooks at March 5, 2018
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Section – 115VX : Determination of tonnage

115VX. (1) For the purposes of this Chapter,— (a) the tonnage of a ship shall be determined in accordance with the valid certificate indicating its tonnage; (b) “valid certificate” means,— […]
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March 5, 2018
Published by Law@HostBooks at March 5, 2018
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Section – 115VW : Maintenance and audit of accounts

115VW. An option for tonnage tax scheme by a tonnage tax company shall not have effect in relation to a previous year unless such company— (i) maintains separate books of […]
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March 5, 2018
Published by Law@HostBooks at March 5, 2018
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Section – 115VV : Limit for charter in of tonnage

115VV. (1) In the case of every company which has opted for tonnage tax scheme, not more than forty-nine per cent of the net tonnage of the qualifying ships operated […]
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March 5, 2018
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Section – 115VU : Minimum training requirement for tonnage tax company

115VU. (1) A tonnage tax company, after its option has been approved under sub-section (3) of section 115VP, shall comply with the minimum training requirement in respect of trainee officers […]
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