https://www.taxtmi.com/manuals?id=1404 Section 226 governs tonnage taxation for companies operating qualifying ships. It includes owned, chartered and partial-charter vessels, while excluding specified long-term bareboat charter arrangements. Tonnage tax business is distinct from other businesses and its profits must be separately computed where the prescribed option is exercised. If the scheme does not apply or no option is exercised, profits are computed under other applicable provisions. Tonnage income is treated as business income, while relevant shipping income is not chargeable to tax. en-us Tue, 12 Jan 2016 12:56:00 +0530 Sat, 24 Oct 2026 12:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/manuals?id=1404 Section 226 governs tonnage taxation for companies operating qualifying ships. It includes owned, chartered and partial-charter vessels, while excluding specified long-term bareboat charter arrangements. Tonnage tax business is distinct from other businesses and its profits must be separately computed where the prescribed option is exercised. If the scheme does not apply or no option is exercised, profits are computed under other applicable provisions. Tonnage income is treated as business income, while relevant shipping income is not chargeable to tax. Manuals Income Tax Tue, 12 Jan 2016 12:56:00 +0530 https://www.taxtmi.com/manuals?id=1404