Contract of affreightment defines specified cargo transport commitments by tonnage tax companies across designated ports for a fixed period. Contract of affreightment is a service contract under which a tonnage tax company agrees to transport a specified quantity of specified products at a ... Summary
Contract of affreightment defines specified cargo transport commitments by tonnage tax companies across designated ports for a fixed period.
Contract of affreightment is a service contract under which a tonnage tax company agrees to transport a specified quantity of specified products at a specified rate between designated loading and discharging ports over a specified period. This meaning applies under the Income Tax Act, 2025, and is also used in the Explanation to section 115V-I of the Income Tax Act, 1961.
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