https://www.taxtmi.com/acts?id=49229 Companies elect into the tonnage tax scheme by prescribed application to the Joint Commissioner, who may verify eligibility, must provide hearing before refusal, and must issue a written decision within the statutory timeframe. Approval makes the scheme effective from the tax year of election and remains in force for ten years; renewals follow the same procedure. The option ceases if the company ceases to qualify, defaults on compliance obligations, is excluded, or declares withdrawal. Opting out, defaulting, or exclusion triggers a ten year bar on re entry and causes profits from qualifying ships to be computed under other provisions. en-us Fri, 14 Feb 2025 17:50:28 +0530 Fri, 14 Feb 2025 17:50:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=49229 Companies elect into the tonnage tax scheme by prescribed application to the Joint Commissioner, who may verify eligibility, must provide hearing before refusal, and must issue a written decision within the statutory timeframe. Approval makes the scheme effective from the tax year of election and remains in force for ten years; renewals follow the same procedure. The option ceases if the company ceases to qualify, defaults on compliance obligations, is excluded, or declares withdrawal. Opting out, defaulting, or exclusion triggers a ten year bar on re entry and causes profits from qualifying ships to be computed under other provisions. Act-Rules Bills Fri, 14 Feb 2025 17:50:28 +0530 https://www.taxtmi.com/acts?id=49229