TaxTMI 
TaxTMI 
Tonnage Tax System (TTS) for Taxation of Income Derived from Shipping Activities
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....onnage Tax System (TTS) for Taxation of Income Derived from Shipping Activities <br>News and Press Release<br>Dated:- 20-3-2015<br><BR>The Government has introduced Tonnage Tax System (TTS). The Finance Act (No.2), 2004 introduced Tonnage Tax System (TTS) for taxation of income derived from shipping activities by an Indian Company. A new Chapter XII-G (containing sections from 115V to 115VZC) wa....
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....s inserted in the Income Tax Act 1961 to provide for special provisions relating to taxation of shipping companies with effect from the assessment year 2005-06. The Tonnage Tax System is an optional scheme for qualifying Indian shipping company. Under the scheme, an existing qualifying company was allowed to opt for the scheme during the period from 1st October, 2004 to 31st December 2005 ('init....
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....ial period'). A company incorporated after the initial period or a company incorporated before the initial period but which becomes a qualifying company for the first time after the initial period may opt for the scheme within three months of the date of its incorporation or the date on which it becomes a qualifying company, as the case may be. The number of (assessment-year wise) of the compan....
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....ies which have disclosed income under Chapter XII-G (special provisions relating to income tax shipping companies) of the Income Tax Act, as per the income tax returns filed by the companies, is as under: Assessment year Number of companies which disclosed income under the Chapter XII-G of the Income Tax Act, in income tax return filed. 2012-13 64 2013-14 54 2014-15 46 This was stated by....
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.... Shri Jayant Sinha, Minister of State in Ministry of Finance in written reply to a question in the Lok Sabha today.<BR> News - Press release - PIB....