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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Company loses tonnage tax benefits after ten years or upon losing qualifying status under Section 115VQ</h1> Section 115VQ of the Income-tax Act, 1961 governs the duration and cessation of tonnage tax scheme options. Once approved, the option remains valid for ten years from exercise date, applicable from the relevant assessment year. The option automatically ceases if the company loses qualifying status, defaults on compliance requirements under specified sections, faces exclusion from the scheme, or voluntarily withdraws through written declaration. Upon cessation, company profits from qualifying ship operations revert to standard tax computation methods under general provisions of the Act.
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