https://www.taxtmi.com/acts?id=11986 Profits from operating a qualifying ship may, at the assessee's option, be computed under a tonnage income scheme by the formula A + B - C, where A is total tonnage income (daily tonnage income multiplied by qualifying days using a prescribed tonnage table), B is specified aggregate amounts, and C is the negative profit carried from the prior year; negative results are treated as nil, losses and allowances are deemed applied, successors may deduct predecessor negative profits on reorganisation, and anti abuse and allocation rules apply. en-us Fri, 17 Sep 2010 12:41:00 +0530 Fri, 17 Sep 2010 14:59:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=11986 Profits from operating a qualifying ship may, at the assessee's option, be computed under a tonnage income scheme by the formula A + B - C, where A is total tonnage income (daily tonnage income multiplied by qualifying days using a prescribed tonnage table), B is specified aggregate amounts, and C is the negative profit carried from the prior year; negative results are treated as nil, losses and allowances are deemed applied, successors may deduct predecessor negative profits on reorganisation, and anti abuse and allocation rules apply. Act-Rules Bills Fri, 17 Sep 2010 12:41:00 +0530 https://www.taxtmi.com/acts?id=11986