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of <h1>Section 115VZB prevents tonnage tax scheme abuse through anti-avoidance provisions targeting tax advantage transactions</h1> Section 115VZB of the Income Tax Act, 1961 establishes anti-avoidance provisions for tonnage tax schemes. The tonnage tax scheme does not apply when a tonnage tax company engages in transactions or arrangements that constitute abuse of the scheme. Abuse occurs when transactions result in tax advantages for non-tonnage tax companies or for tonnage tax companies regarding non-tonnage tax activities. Tax advantage includes expense determinations that reduce taxable income from non-tonnage activities or arrangements producing extraordinary profits beyond ordinary tonnage tax activities.
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