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of <h1>New Tax Rules for Shipping Companies: Chapter XII-G Details Tonnage Tax Scheme, Conditions, and Compliance from April 2005.</h1> The Finance (No. 2) Act, 2004 introduces Chapter XII-G to the Income-tax Act, effective April 1, 2005, establishing special provisions for shipping companies. It defines key terms such as 'bareboat charter,' 'qualifying company,' and 'tonnage tax scheme.' The chapter outlines the computation of profits from operating qualifying ships under a tonnage tax scheme, distinct from other business activities. It specifies conditions for opting into the scheme, such as maintaining a Tonnage Tax Reserve Account and meeting training requirements. Provisions also address amalgamations, demergers, and exclusions from the scheme due to tax avoidance or non-compliance.
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