Chapter XII-DA - SPECIAL PROVISIONS RELATING TO TAX ON DISTRIBUTED INCOME OF DOMESTIC COMPANY FOR BUY-BACK OF SHARES (From Section 115QA to Section 115QC)
Part C - Procedure for filing of return in respect of fringe benefits, assessment and payment of tax in respect thereof (From Section 115WD to Section 115WM)
Chapter XX-B - REQUIREMENT AS TO MODE OF ACCEPTANCE, PAYMENT OR REPAYMENT IN CERTAIN CASES TO COUNTERACT EVASION OF TAX (From Section 269SS to Section 269TT)
Tonnage tax scheme requires separate computation for qualifying ship operations and an express option to apply the regime. A company operating qualifying ships must compute profits from that activity under the tonnage tax scheme, treating the shipping operations as a separate business distinct from its other activities. Profits of the tonnage tax business are computed separately, and the scheme applies only if an option to that effect is made; otherwise profits from such business are computed under the Act's other provisions.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Tonnage tax scheme requires separate computation for qualifying ship operations and an express option to apply the regime.
A company operating qualifying ships must compute profits from that activity under the tonnage tax scheme, treating the shipping operations as a separate business distinct from its other activities. Profits of the tonnage tax business are computed separately, and the scheme applies only if an option to that effect is made; otherwise profits from such business are computed under the Act's other provisions.
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