https://www.taxtmi.com/acts?id=9866 Chapter XII-G creates a tonnage tax scheme permitting qualifying Indian companies operating qualifying seagoing ships to elect computation of shipping profits by a tonnage-based formula. It requires separate treatment of the tonnage-tax business, prescribes daily tonnage rates linked to certified net tonnage and days of operation, disallows deductions in computing tonnage income, and establishes allocation rules for asset blocks and depreciation. The Chapter sets procedures for opting in and duration of the option, compliance conditions including a reserve account for ship acquisition, training and accounting requirements, charter-in limits, and anti-abuse exclusion powers. en-us Wed, 22 Oct 2008 10:59:09 +0530 Wed, 22 Oct 2008 10:58:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=9866 Chapter XII-G creates a tonnage tax scheme permitting qualifying Indian companies operating qualifying seagoing ships to elect computation of shipping profits by a tonnage-based formula. It requires separate treatment of the tonnage-tax business, prescribes daily tonnage rates linked to certified net tonnage and days of operation, disallows deductions in computing tonnage income, and establishes allocation rules for asset blocks and depreciation. The Chapter sets procedures for opting in and duration of the option, compliance conditions including a reserve account for ship acquisition, training and accounting requirements, charter-in limits, and anti-abuse exclusion powers. Act-Rules F. Acts / Amendment Acts Wed, 22 Oct 2008 10:59:09 +0530 https://www.taxtmi.com/acts?id=9866