Income-tax Act, 1961

C.-Procedure for option of tonnage tax scheme

Method and time of opting for tonnage tax scheme.

115VP. (1) A qualifying company may opt for the tonnage tax scheme by making an application to the Joint Commissioner having jurisdiction over the company in the form and manner as may be prescribed, for such scheme.

(2) The application under sub-section (1) may be made by any existing qualifying company at any time after the 30th day of September, 2004 but before the 1st day of January, 2005 (hereafter referred to as the "initial period"):

Providedthat-

(i)	-	a company incorporated after the initial period; or
(ii)	-	a qualifying company incorporated before the initial period but which becomes a qualifying company for the first time after the initial period,

may make an application within three months of the date of its incorporation or the date on which it became a qualifying company, as the case may be:

⁶³[Provided further that a Unit of an International Financial Services Centre which has availed of deduction under section 80LA may make an application within three months from the date on which such deduction ceases.]

(3) On receipt of an application for option for tonnage tax scheme under sub-section (1), the Joint Commissioner may ca .... To read the full section download the app from Google Play store