THE TENTH SCHEDULE - COMPUTATION OF PROFITS OF BUSINESS OF OPERATING A QUALIFYING SHIP

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....iately preceeding the relevant financial year. 2. The tonnage income of the financial year in respect of each qualifying ship shall be the daily tonnage income of the ship multiplied by the number of days during which the ship is operated by the company as a qualifying ship. 3. The daily tonnage income of a qualifying ship having tonnage referred to in column (1) of the Table below shall be the amount specified in the corresponding entry in column (2) of the Table: TABLE Qualifying ship having net tonnage Amount of daily tonnage income (1) (2) up to 1,000 tons Rs. 46 for each 100 tons exceeding 1,000 tons but not more than 10,000 tons Rs. 460 plus Rs. 35 for each 100 tons exceeding 1,000 tons exceeding 10....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... the predecessor for,-      (a) the financial year immediately preceeding the financial year in which the business reorganisation has taken place if the reorganisation is on the first day of the financial year; and      (b) the period beginning with the first day of the financial year and ending on the day immediately preceeding the date of business reorganisation, in any other case. 9. A company shall continue to be regarded as an operator of a qualifying ship even in the case of temporary cessation of operation of the ship. 10. A company shall not be regarded as the operator in respect of a ship if the ship has been chartered out by it on bareboat charter-cum-demise terms. 11. A ship ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....es,-      (a) "bareboat charter" means hiring of a ship for a stipulated period on terms which give the charterer possession and control of the ship, including the right to appoint the master and crew;      (b) "bareboat charter-cum-demise" means a bareboat charter where the ownership of the ship is intended to be transferred after a specified period to the company to whom it has been chartered;      (c) "business of operating qualifying ships" means the core shipping activities and the permitted incidental shipping activities.      (d) "core shipping activities" means,-          (i) the activities relating ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....directors routinely approve the commercial and strategic decisions made by the executive directors or officers of the company, the place where such executive directors or officers of the company perform their functions;      (g) "qualifying shipping company" means a company, which fulfills all the following conditions namely: -          (i) it is an Indian company;          (ii) the place of effective management of the comapny is in India;          (iii) it owns at least one qualifying ship; and          (iv) the main object of the company is to car....