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Start Free TrialIncome Tax Act, 1961 Section 115VG
Title: Computation of Tonnage Income
State: Central
Year: 1961
.....multiple of hundred tons and for this purpose any tonnage consisting of kilograms shall be ignored and thereafter if such tonnage is not a multiple of hundred, then, if the last figure in that amount is fifty tons or more, the tonnage shall be increased to the next higher tonnage which is a multiple of hundred and if the last figure is less than fifty tons, the tonnage shall be reduced to the next lower tonnage which is a multiple of hundred; and the tonnage so rounded off shall be the tonnage of the ship for the purposes of this section. (6) Notwithstanding anything contained in any other provision of this Act, no deduction or set-off shall be allowed in computing the tonnage income under this Chapter. ___________________ 1. See rule 11Q and Form No. 66.
View Complete Act List Judgments citing this sectionIndian Lighthouse Act, 1927 Section 12
Title: Ascertainment of Tonnage
State: Central
Year: 1927
.....to be of the tonnage denoted in their certificates of registry or other national papers under any order made under any enactment repealed by sub-section (1) of section 461 of the Merchant Shipping Act, 1958(44 of 1958), and continued in force under clause (a) of sub-section (3) of that section or under any rule made under clause (b) of sub-section (2) of section 74 of the said Act (any such ship being hereafter in this section referred to as registered ship), require the owner or master or other person having possession of the ship's register or other papers denoting her tonnage to produce the same for inspection and, if such owner, master or other person refuses or neglects to produce the register or papers, as the case may be, or otherwise to satisfy the proper officer as to the tonnage of the ship, cause the ship to be measured and the tonnage to be ascertained; or] (b) If the ship is not a registered ship and the owner or master fails to satisfy the2[proper officer] as to the true tonnage thereof according to the mode of measurement prescribed by the law for the time being in force for regulating the measurement of registered ships, cause the ship to be measured and the.....
View Complete Act List Judgments citing this sectionIncome Tax Act, 1961 Section 115VT
Title: Transfer of Profits to Tonnage Tax Reserve Account
State: Central
Year: 1961
.....Reserve Account) an amount not less than twenty per cent of the book profit derived from the activities referred to in clauses (i) and (ii) of sub-section (1) of section 115VI in each previous year to be utilised in the manner laid down in sub-section (3) : Provided that a tonnage tax company may transfer a sum in excess of twenty per cent of the book profit and such excess sum transferred shall also be utilised in the manner laid down in subsection (3). Explanation : For the purposes of this section, book profit shall have the same meaning as in the Explanation to sub-section (2) of section 115JB so far as it relates to the income derived from the activities referred to in clauses (i) and (ii) of sub-section (1) of section 115VI. (2) Where the company has book profit from the business of operating qualifying ships and book loss from any other sources, and consequently, the company is not in a position to create the full or any part of the reserves under sub-section (1), the company shall create the reserves to the extent possible in that previous year and the shortfall, if any, shall be added to the amount of the reserves required to be created for the following previous.....
View Complete Act List Judgments citing this sectionIncome Tax Act, 1961 Section 115VV
Title: Limit for Charter in of Tonnage
State: Central
Year: 1961
.....ships chartered in exceeds the limit under subsection (1) during any previous year, the total income of such company in relation to that previous year shall be computed as if the option for Tonnage Tax Scheme does not have effect for that previous year. (5) Where the limit under sub-section (1) had exceeded in any two consecutive previous years, the option for Tonnage Tax Scheme shall cease to have effect from the beginning of the previous year following the second consecutive previous year in which the limit had exceeded. Explanation : For the purposes of this section, the term chartered in shall exclude a ship chartered in by the company on bareboat charter-cum-demise terms. _____________________ 1. See rule 11S and Form No. 66.
View Complete Act List Judgments citing this sectionIncome Tax Act, 1961 Section 115VX
Title: Determination of Tonnage
State: Central
Year: 1961
.....Ship) Rules, 1987 made under the Merchant Shipping Act, 1958 (44 of 1958) ; (b) having a length of twenty-four metres or more, an international tonnage certificate issued under the provisions of the Convention on Tonnage Measurement of Ships, 1969 as specified in the Merchant Shipping (Tonnage Measurement of Ship) Rules, 1987 made under the Merchant Shipping Act, 1958 (44 of 1958) ; (ii) in case of ships registered outside India, a licence issued by the Director-General of Shipping under section 406 or section 407 of the Merchant Shipping Act, 1958 specifying the net tonnage on the basis of Tonnage Certificate issued by the Flag State Administration where the ship is registered or any other evidence acceptable to the Director-General of Shipping produced by the ship owner while seeking permission for chartering in the ship.
View Complete Act List Judgments citing this sectionIncome Tax Act, 1961 Section 115VP
Title: Method and Time of Opting for Tonnage Tax Scheme
State: Central
Year: 1961
.....the option for Tonnage Tax Scheme, and a copy of such order shall be sent to the applicant: Provided that no order under clause (ii) shall be passed unless the applicant has been given a reasonable opportunity of being heard. (4) Every order granting or refusing the approval of the option for Tonnage Tax Scheme under clause (i) or clause (ii), as the case may be, of sub-section (3) shall be passed before the expiry of one month, from the end of the month in which the application was received under sub-section (1). (5) Where an order granting approval is passed under sub-section (3), the provisions of this Chapter shall apply from the assessment year relevant to the previous year in which the option for Tonnage Tax Scheme is exercised. __________________ 1. See rule 11P and Form No. 65.
View Complete Act List Judgments citing this sectionIndian Ports Act, 1908 Section 41
Title: Ascertainment of Tonnage of Vessel Liable to Port-dues
State: Central
Year: 1908
In order to ascertain the tonnage of any vessel liable to pay port-dues the following rules shall be observed, namely:-- (1)(a) If the vessel is a British registered vessel or a vessel registered under the Indian Registration of Ships Act, 1841, or the Indian Registration of Ships Act (1841), Amendment Act, 1850, or under any other law for the time being in force for the registration of vessels in1[India] the conservator may require the owner or master of the vessel or any person having possession of her register to produce the register for inspection. (b) If the owner or master or such person neglects or refuses to produce the register or otherwise to satisfy the conservators as to what is the true tonnage of the vessel in respect of which the port-dues are payable, he shall be punishable with fine which may extend to one hundred rupees, and the conservator may cause the vessel to be measured, and the tonnage thereof to be ascertained, according to the mode of measurement prescribed by the rules for the time being in force for regulating the measurement of British vessels, and in such case the owner or master of the vessel shall also be liable to pay the expenses of the.....
View Complete Act List Judgments citing this sectionIncome Tax Act, 1961 Section 115VZC
Title: Exclusion from Tonnage Tax Scheme
State: Central
Year: 1961
.....by the Assessing Officer by serving a notice calling upon such company to show cause, on a date and time to be specified in the notice, why it should not be excluded from the Tonnage Tax Scheme : Provided further that no order under this sub-section shall be passed without the previous approval of the Chief Commissioner. (2) The provisions of this section shall not apply where the company shows to the satisfaction of the Assessing Officer that the transaction or arrangement was a bona fide commercial transaction and had not been entered into for the purpose of obtaining tax advantage under this Chapter. (3) Where an order has been passed under sub-section (1) by the Assessing Officer excluding the Tonnage Tax Company from the Tonnage Tax Scheme, the option for Tonnage Tax Scheme shall cease to be in force from the first day of the previous year in which the transaction or arrangement was entered into.]
View Complete Act List Judgments citing this sectionIncome Tax Act, 1961 Section 115VE
Title: Manner of Computation of Income Under Tonnage Tax Scheme
State: Central
Year: 1961
(1) A tonnage tax company engaged in the business of operating qualifying ships shall compute the profits from such business under the Tonnage Tax Scheme. (2) The business of operating qualifying ships giving rise to income referred to in sub-section (1) of section 115VI shall be considered as a separate business (hereafter in this Chapter referred to as the tonnage tax business) distinct from all other activities or business carried on by the company. (3) The profits referred to in sub-section (1) shall be computed separately from the profits and gains from any other business. (4) The Tonnage Tax Scheme shall apply only if an option to that effect is made in accordance with the provisions of section 115VP. (5) Where a company engaged in the business of operating qualifying ships is not covered under the Tonnage Tax Scheme or, has not made an option to that effect, as the case may be, the profits and gains of such company from such business shall be computed in accordance with the other provisions of this Act.
View Complete Act List Judgments citing this sectionIncome Tax Act, 1961 Section 115VQ
Title: Period for Which Tonnage Tax Option to Remain in Force
State: Central
Year: 1961
(1) An option for Tonnage Tax Scheme, after it has been approved under subsection (3) of section 115VP, shall remain in force for a period of ten years from the date on which such option has been exercised and shall be taken into account from the assessment year relevant to the previous year in which such option is exercised. (2) An option for Tonnage Tax Scheme shall cease to have effect from the assessment year relevant to the previous year in which (a) the qualifying company ceases to be a qualifying company ; (b) a default is made in complying with the provisions contained in section 115VT or section 115VU or section 115VV ; (c) the tonnage tax company is excluded from the Tonnage Tax Scheme under section 115VZC ; (d) the qualifying company furnishes to the Assessing Officer, a declaration in writing to the effect that the provisions of this Chapter may not be made applicable to it, and the profits and gains of the company from the business of operating qualifying ships shall be computed in accordance with the other provisions of this Act.
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