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of <h1>Tonnage tax companies must allocate common costs fairly between Section 115VJ operations and other businesses</h1> Section 115VJ of the Income Tax Act, 1961 addresses allocation of common costs for tonnage tax companies engaged in multiple business activities. When a tonnage tax company operates both tonnage tax business and other businesses, common costs attributable to tonnage tax operations must be determined reasonably. For assets not exclusively used in tonnage tax business, depreciation allocation between tonnage tax and other business activities shall be determined by the Assessing Officer based on fair proportion, considering actual usage patterns for each business purpose.
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