Quick Summary
Increasing time limit available to pass order under section 115VP Section 115VP of the Act pertains to method and time of opting for tonnage tax scheme, underwhich the tonnage income of an assessee shall be computed in accordance with the provisions ofChapter XII-G. Sub-section (1) of section 115VP of the Act provides that a qualifying company mayopt for the tonnage tax scheme by making an application to the Joint Commissioner having jurisdiction over the company, as prescribed, for such scheme
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FAQ :
Section 115VP of the Act relates to the method and time of opting for the tonnage tax scheme, where tonnage income is computed according to Chapter XII-G.
Previously, the Joint Commissioner had to pass an order approving or rejecting the tonnage tax application within one month from the end of the month the application was received.
The amendment was made because the previous one-month limit was considered too short for the Joint Commissioner to adequately verify information, conduct necessary inspections, provide a hearing, and issue a reasoned order.
From April 1, 2025, the Joint Commissioner will have three months from the end of the quarter in which the application was received to pass an order.
This amendment to Section 115VP will take effect from the 1st day of April, 2025.
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