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: amalgamated companies may inherit or opt into the scheme; longest unexpired option governs continuity. Where companies amalgamate, the tonnage tax scheme applies to the amalgamated company if it is a qualifying company. If the amalgamated company is not a tonnage tax company it must opt into the scheme under section 115VP(1) within three months of scheme approval. If the amalgamating companies were tonnage tax companies, the Chapter applies to the amalgamated company for the duration of the longest unexpired option. A company qualifying on 1 October 2004 that did not exercise the initial option will not attract the Chapter and its shipping income is computed under 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: amalgamated companies may inherit or opt into the scheme; longest unexpired option governs continuity.
Where companies amalgamate, the tonnage tax scheme applies to the amalgamated company if it is a qualifying company. If the amalgamated company is not a tonnage tax company it must opt into the scheme under section 115VP(1) within three months of scheme approval. If the amalgamating companies were tonnage tax companies, the Chapter applies to the amalgamated company for the duration of the longest unexpired option. A company qualifying on 1 October 2004 that did not exercise the initial option will not attract the Chapter and its shipping income is computed under other provisions.
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