Income-tax Act, 1961
Section - 115VG - Computation of tonnage income
Computation of tonnage income.115VG. (1) The tonnage income of a tonnage tax company for a previous year shall be the aggregate of the tonnage income of each qualifying ship computed in accordance with the provisions of sub-sections (2) and (3).(2) For the purposes of sub-section (1), the tonnage income of each qualifying ship shall be the daily tonnage income of each such ship multiplied by-
(3) For the purposes of sub-section (2), the daily tonnage income of a qualifying ship having tonnage referred to in column (1) of the Table below shall be the amount specified in the corresponding entry in column (2) of the Table:TABLE
| (a) | - | the number of days in the previous year; or |
| (b) | - | the number of days in part of the previous year in case the ship is operated by the company as a qualifying ship for only part of the previous year, as the case may be. |
| Qualifying ship having net tonnage | Amount of daily tonnage income |
| (1) | (2) |
| up to 1,000 | .... To read the full section download the app from Google Play store
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