Examination of provision of Disqualification from Tonnage Tax Scheme : Clause 231(12) of the Income Tax Bill, 2025 and Section 115VS of the Income-tax Act, 1961
17 May, 2025
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Tonnage tax disqualification: companies face a ten-year bar on re-entry after opting out, default, or formal exclusion. Clause 231(12) bars a qualifying company from opting for the tonnage tax scheme for ten years where the company: voluntarily opts out; defaults in ... Summary
Tonnage tax disqualification: companies face a ten-year bar on re-entry after opting out, default, or formal exclusion.
Clause 231(12) bars a qualifying company from opting for the tonnage tax scheme for ten years where the company: voluntarily opts out; defaults in complying with the specified compliance provisions; or has its option excluded by a formal exclusion order, with the disqualification period measured from the date of the triggering event.
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